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Juan is taking out a loan for 2,500 with an annual compound interest rate of 7% for 3 years. Juan will not make any additional deposits or withdrawals. How much interest will he…

Juan is taking out a loan for 2,500 with an annual compound interest rate of 7% for 3 years. Juan will not make any additional deposits or withdrawals. How much interest will he…
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3 votes
Juan is taking out a loan for 2,500 with an annual compound interest rate of 7% for 3 years. Juan will not make any additional deposits or withdrawals. How much interest will he have to pay at the end of the loan period?

asked
User Logicalicy
by
8.2k points

1 Answer

4 votes

Answer:

$ 3,062.61

Explanation:

Account Balance= 2,500(1+ .07/1)^3

answered
User Pavel Shliaha
by
8.9k points
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