A $17,131 loan was made to you on January 1. The interest rate for the year is 7%. Every year, interest is compounded. There have been no yearly payments required, but after nine years, you must pay back the entire amount borrowed, including interest. How much will you pay back? Give your response a two-decimal place number.

A $17,131 loan was made to you on January 1. The interest rate for the year is 7%. Every year, interest is compounded. There have been no yearly payments required, but after nine years, you must pay back the entire amount borrowed, including interest. How much will you pay back? Give your response a two-decimal place number.

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 17P

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