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Calculate the accumulated value of the loan at the end

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Question - Lucy received a loan of $56,250, 7 years ago. The interest rate charged on the loan was 4.56% compounded quarterly for the first 6 months, 5.07% compounded semi-annually for the next 3 years, and 6.03% compounded monthly thereafter.

a. Calculate the accumulated value of the loan at the end of the first 6 months.

b. Calculate the accumulated value of the loan at the end of the next 3 year period.

c. Calculate the accumulated value of the loan today.

d. Calculate the amount of interest charged on this loan over the past 7 years.

Reference no: EM132604705

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