Erik borrowed $21,090 for 6.5 years. For the first two and a half years, the interest rate on the loan was 8.4% compounded monthly (j12). The rate then became 7.5% compounded semi-annually (j2). What total amount was required to pay off the loan at the end of the term? Round your answer to 2 decimal places. Your Answer:

Erik borrowed $21,090 for 6.5 years. For the first two and a half years, the interest rate on the loan was 8.4% compounded monthly (j12). The rate then became 7.5% compounded semi-annually (j2). What total amount was required to pay off the loan at the end of the term? Round your answer to 2 decimal places. Your Answer:

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA3: Time Value Of Money

Section: Chapter Questions

Problem 6CE: Use Future Value and Present Value Tables to Apply Compound Interest to Accounting Transactions...

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