A borrower had a loan of [tex]$10,000.00 at 4% compounded annually, with 14 annual payments. Suppose the borrower paid off the loan after 4 years. Calculate the amount needed to
pay off the loan.
The amount needed to pay off this loan after 4 years is $[/tex]
(Round to the nearest cent as needed.)

Question

06-06-2024
Mathematics

Answered

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A borrower had a loan of [tex]$10,000.00 at 4% compounded annually, with 14 annual payments. Suppose the borrower paid off the loan after 4 years. Calculate the amount needed to
pay off the loan.
The amount needed to pay off this loan after 4 years is $[/tex]
(Round to the nearest cent as needed.)

Sagot :

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