The Solution to This Problem Requires Time Value of Money

question 114

Multiple Choice

The solution to this problem requires time value of money calculations.Reference to Tables 9-1 through 9-4 in the text is necessary to complete the calculations. If interest is compounded annually, the total amount of interest on an $18,000 note payable for 4 years at 10% is

• A) $5,706
• B) $7,200
• C) $8,352
• D) $8,500

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