$7,500 Was Borrowed for a Four-Year Term at 9% Compounded

question 204

Short Answer

$7,500 was borrowed for a four-year term at 9% compounded quarterly. The terms of the loan allow prepayment of the loan based on discounting the loan's maturity value at 7% compounded quarterly. How long (to the nearest day) before the maturity date was the loan prepaid if the payout amount was $9,380.24? For the purpose of determining the number of days in a partial calendar quarter, assume that a full quarter has 91 days.

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Large, organized efforts by people to achieve a specific goal, often related to social, political, or economic change.

Popular Democrats

Members of the Democratic Party who enjoy widespread support or recognition among the public, often because of their policies, charisma, or leadership qualities.

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