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How much money can you borrow at present

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Reference no: EM131884252

Question: 1. Solve the following:

a) Find the principle and interest due after one year on a loan of $5,000 if interest is 12.% per year. (SPCAF)

b) How much money can you borrow at present if you repay the lender $850 in 2 years and the interest rate is 6% per year compounded annually? (SPPWF)

Reference no: EM131884252

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