What amount

What amount of money will be required to repay a loan of $30000 on June 1, 2008? If the loan was made on September 1, 2001, at the interest rate of 14% compounded quarterly.

Correct answer:

x =  1111.1111 USD

Step-by-step explanation:

a=30000 r=14%=10014=507=0.14 n=(20082001) 41=27  x=a/n=30000/27=1111.1111 USD

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