A landlord is using a personal loan to borrow $2,500 to replace the carpet ina rental property. The loan offers the option of making no payments for the first 12 months, during which the interest is compounded monthly at an annual rate of 4.23%. What is the total account balance when payments begin?

Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter2: Solving Equations
Section2.6: Solving Equations Using Multiplication Or Division
Problem 47E
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A landlord is using a personal loan to borrow $2,500 to replace the carpet ina rental property. The loan offers the option of making no payments for the first 12 months, during which the interest is compounded monthly at an annual rate of 4.23%. What is the total account balance when payments begin? 

O $4,149.54
O $2,607.82
O $1,649.54
O $107.82
Transcribed Image Text:O $4,149.54 O $2,607.82 O $1,649.54 O $107.82
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