Asked by Sandi
Determine the amount of interest charged on a loan of $5000 at 6.75% per annum, compounded semi-annually for 3 years.
Answers
Answered by
Reiny
i = ..0675/2 = .03375
n = 3(2) = 6
amount = 5000(1.03375)^6
subtract $5000 from the above answer
n = 3(2) = 6
amount = 5000(1.03375)^6
subtract $5000 from the above answer
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