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Calculate the amount of interest that anvil will pay

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Question - Anvil Inc. borrowed $60,000 from Star Bank and agreed to repay the loan as a lump sum in three years. The payment will include both principal and interest. The interest rate is 12% compounded quarterly.

Calculate the amount of interest that Anvil will pay to Star Bank when the loan matures in three years. Do not use decimals in your answer.

Reference no: EM131945677

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