Harris Machinery received a demand loan of $170,000. It repaid $70,000 at the end of the first year, $85,000 at the end of the second year, and the balance at the end of the third year. The interest rate charged on the loan was 5.50% compounded semi-annually during the first year, 5.25% compounded quarterly during the second year, and 5.00% compounded monthly during the third year. a. What was the balance of the loan at the end of the first year? Round to the nearest cent b. What was the balance of the loan at the end of the second year? c. What amount at the end of the third year will settle the loan?

Harris Machinery received a demand loan of $170,000. It repaid $70,000 at the end of the first year, $85,000 at the end of the second year, and the balance at the end of the third year. The interest rate charged on the loan was 5.50% compounded semi-annually during the first year, 5.25% compounded quarterly during the second year, and 5.00% compounded monthly during the third year. a. What was the balance of the loan at the end of the first year? Round to the nearest cent b. What was the balance of the loan at the end of the second year? c. What amount at the end of the third year will settle the loan?

College Algebra

7th Edition

ISBN:9781305115545

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter5: Systems Of Equations And Inequalities

Section: Chapter Questions

Problem 14P: Annual interest yield refer to problem 13 .suppose the investor decides to increase the maximum...

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