Vinny borrowed $29,000 for 10 years at 11.6 percent compounded quarterly. What will the ending balance be after Vinny has made three years of payments? O $24,510.72 O $23,448.34 $22,893,94 O $23,987.13

Vinny borrowed $29,000 for 10 years at 11.6 percent compounded quarterly. What will the ending balance be after Vinny has made three years of payments? O $24,510.72 O $23,448.34 $22,893,94 O $23,987.13

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 10PROB

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Vinny borrowed $29,000 for 10 years at 11.6 percent compounded quarterly. What will the ending balance be after Vinny has
made three years of payments?
O $24,510.72
O $23,448.34
$22,893,94
O $23,987.13

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