John took out a loan for 7,800 pesos that charges an annual interest rate of 9.9%, compounded monthly. Find the amount owed after one year, assuming no payments are made. Do not round any intermediate computations, and round your answer to the nearest hundredths.

John took out a loan for 7,800 pesos that charges an annual interest rate of 9.9%, compounded monthly. Find the amount owed after one year, assuming no payments are made. Do not round any intermediate computations, and round your answer to the nearest hundredths.

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 31P

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QUESTION 7

John took out a loan for 7,800 pesos that
charges an annual interest rate of 9.9%,
compounded monthly.
Find the amount owed after one year,
assuming no payments are made.
Do
not
round
any
intermediate
computations, and round your answer to
the nearest hundredths.

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