General accounting Suppose that $15,000 is borrowed now at 12% interest per year. A partial repayment of$5,000 is made three years from now. The amount that will remain to be paid then is mostnearly:A. $10,000B. $13,800C. $16,073.92D. $21,100

Step 1: Definition of Compound InterestCompound interest is the interest on a loan or deposit…

Answered: Suppose that $15,000 is borrowed now at…

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section4.17: Amortized Loans

Problem 1ST

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Suppose that $15,000 is borrowed now at 12% interest per year. A partial repayment of $5,000 is made three years from now. The amount that will remain to be paid then is most nearly: A. $10,000 B. $13,800 C. $16,073.92 D. $21,100