Answered: lculate the present value of the…

lculate the present value of the compound interest loan. (Round your answers to the nearest cent.) $26,000 after 6 years at 3% if the interest is compounded in the following ways. (a) annually

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 6FPE

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Question

Calculate the present value of the compound interest loan. (Round your answers to the nearest cent.)

$26,000 after 6 years at 3% if the interest is compounded in the following ways.

(a) annually
$

(b) quarterly
$

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