Answered: If the total amount paid to repay the…

If the total amount paid to repay the loan is $2,000 after eight years, the account pays 10% as a compound interest rate annually. What was the initial loan amount?

Engineering Fundamentals: An Introduction to Engineering (MindTap Course List)

5th Edition

ISBN:9781305084766

Author:Saeed Moaveni

Publisher:Saeed Moaveni

Chapter20: Engineering Economics

Section: Chapter Questions

Problem 12P

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If the total amount paid to repay the loan is $2,000 after eight years, the account
pays 10% as a compound interest rate annually. What was the initial loan amount?

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