If an amount of $9000 is borrowed at an interest rate of 24% per year for 12 years, how much is the total interest amount if it is a simple interest on the first 4 years and a compound on the last years?

If an amount of $9000 is borrowed at an interest rate of 24% per year for 12 years, how much is the total interest amount if it is a simple interest on the first 4 years and a compound on the last years?

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 25E

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If an amount of $9000 is borrowed at an interest rate of 24% per year for 12 years, how much is the total interest amount if it is a simple
interest on the first 4 years and a compound on the last years?

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