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Percent per annum compounded monthly

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Reference no: EM132541017

Denice and Danny of D&D Limited secured the following terms:-

I. Motor vehicle loan interest rate is 8% per annum compounded quarterly for 6 years. Payments are due monthly starting at the end of the month in which the loan is issued.

II.Building acquisition loan rate is 8% per annum convertible semi-annually for twenty years. Payments are to be made monthly in the form of an ordinary annuity.

III. All other transactions will be at 8 percent per annum compounded monthly.

Denice contemplated depositing $25,000 starting today and continuing for the next 23 months. How much would she have accumulated at the end of two years?

Reference no: EM132541017

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