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2 May, 11:35

Suppose you borrow $500 and you plan to pay it back all at once in 5 years. You are charged 2% interest compounded monthly.

What is the total amount you will need to pay when the loan is due?

Round your answer to the nearest dollar.

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  1. 2 May, 11:41
    0
    Answer: $553

    Step-by-step explanation: 500 (1.0016666) ^60

    500 (1.10507451358)

    552.537256789

    $553
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