Database System Concepts
7th Edition
ISBN:9780078022159
Author:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan
Publisher:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan
Chapter1: Introduction
Section: Chapter Questions
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6. Clay Harden borrowed $25,000 from a bank at an interest rate of 9% compounded monthly. The loan will be repaid in 36 equal monthly installments over three years.
Immediately after his 20th payment, Clay desires to pay the remainder of the loan in a single payment. Compute the total amount he must pay.
The total amount Clay must pay immediately after his 20th payment will be $
(Round to the nearest dollar.)
Transcribed Image Text:6. Clay Harden borrowed $25,000 from a bank at an interest rate of 9% compounded monthly. The loan will be repaid in 36 equal monthly installments over three years. Immediately after his 20th payment, Clay desires to pay the remainder of the loan in a single payment. Compute the total amount he must pay. The total amount Clay must pay immediately after his 20th payment will be $ (Round to the nearest dollar.)
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