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A loan for $4000 with interest at 6.75% compounded semi-annually is repaid after 5 years. What is the amount of interest paid?

A loan for $4000 with interest at 6.75% compounded semi-annually is repaid after 5 years. What is the amount of interest paid?
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5 votes
A loan for $4000 with interest at 6.75% compounded semi-annually is repaid after 5 years. What is the amount of interest paid?

User Damein
by
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1 Answer

4 votes
4,000 multiplied by 6.75%=27,000

27,000 multiplied by 5 = 135,000

4,000-135,000=131,000 amount of interest paid
User Kaustubh Bhagwat
by
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