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A line of credit (LOC) is a fixed amount of money that you can borrow at any time.

You did not answer. Dan opens a line of credit at a local bank, and immediately borrows 2080 dollars. 5 months later, he repays 1070 dollars. 4 months after the repayment, he borrows 740 more dollars. 6 months later, he repays 640 dollars. If no other transactions take place and the interest rate is 0.9 percent per month (compounded monthly), how much will he owe two years after he opened the line of credit? Answer = dollars,

You did not answer. Dan opens a line of credit at a local bank, and immediately borrows 2080 dollars. 5 months later, he repays 1070 dollars. 4 months after the repayment, he borrows 740 more dollars. 6 months later, he repays 640 dollars. If no other transactions take place and the interest rate is 0.9 percent per month (compounded monthly), how much will he owe two years after he opened the line of credit? Answer = dollars,

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Similar questions

Appa deposits $2500 in an account earning 4.9% interest compounded monthly. How much will Appa have in the account in 1 year? $ Bash deposits $2500 in an account earning 4.9% interest compounded daily. How much will Bash have in the account in 1 year? How much more does Bash make than Appa? (to the nearest cent)
John and Susan just opened saving accounts at two different banks. They each deposited $1000. John's bank pays simple interest at an annual rate of 10%, where as Susan's bank pays compound interest at annual rate of 9.5%. No interest will be taken out of the accounts for a period of three years. At the end of three years, whose balance will greater and bytes how much (to the nearest dollar)?
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Nikul
Ten years ago, when Franco was still a college student, he deposited 10,000 in a bank. The bank's rate of interest on deposit is 2% compounded quarterly, what is the balance of Nigel's account today? No peso sign, with comma, no decimal point.
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