How much interest will he earn over five years

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Reference no: EM131623292

Question: 1. A loan of $2,982 is repaid in three years. Find the amount of interest paid on the loan if it is compounded quarterly at 10%.

2. Andre Castello owns a savings account that is paying 2.5% interest compounded annually. His current balance is $7,598.42. How much interest will he earn over five years if the rate remains constant?

Reference no: EM131623292

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