How much do you end of year

Reference no: EM132206475

Question - You agreed to pay your parents back for the $1000 loan they college education. You and your parents agree that a fair effective annual rate of interest is 9 percent.

Required: If you will repay the loan in a single lump sum, how much do you end of

a. 1 year

b. 4 years

c. 7 years

d. 20 years

Reference no: EM132206475

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