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How much have to pay in five years using simple interest

Robert Martino plans to borrow $8,000 for five years. The loan will be repaid with a single payment after 5 years, and the interest on the loan will be computed using the simple interest method at an annual rate of 8 percent. How much will Robert have to pay in 5 years?

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Finance Basics: How much have to pay in five years using simple interest

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Solution Preview :

Prepared by a verified Expert

Finance Basics: How much have to pay in five years using simple interest

Reference No:- TGS0676624

Have a Question? (oR Write a Review)

Recent Questions Asked Finance Basics

Q : How much have in account at the end of the seventh year

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Q : How much have to pay in five years using simple interest

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Solution Preview :

Prepared by a verified Expert

Finance Basics: How much have to pay in five years using simple interest

Reference No:- TGS0676624

Recent Questions Asked Finance Basics

Q : How much have in account at the end of the seventh year

Q : Allocated to cost of goods

Q : Determine the amount of product costs

Q : The three cost flow assumptions

Q : How much have to pay in five years using simple interest

Q : Compute the amount of ending inventory

Q : Why inflation premium-risk premium added-real interest rate

Q : Explain the work in process inventory

Q : Question-continuously compounded rate of interest

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