Jacqueline took out a $30,000 student loan with a fixed interest rate to pay for college. Jacqueline did not make payments on her loan for a period of 7 years. After this time period interest had accrued, resulting in the loan balance increasing to $56,000. What is is the 1-year growth factor for the amount that Jacqueline owes on the loan?
Jacqueline took out a $30,000 student loan with a fixed interest rate to pay for college. Jacqueline did not make payments on her loan for a period of 7 years. After this time period interest had accrued, resulting in the loan balance increasing to $56,000. What is is the 1-year growth factor for the amount that Jacqueline owes on the loan?
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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Jacqueline took out a $30,000 student loan with a fixed interest rate to pay for college. Jacqueline did not make payments on her loan for a period of 7 years. After this time period interest had accrued, resulting in the loan balance increasing to $56,000.
What is is the 1-year growth factor for the amount that Jacqueline owes on the loan?
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