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What is the maturity value ann must repay

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Q1. Ann Hopkins borrowed $60,000 for her child's education. She must repay the loan at the end of 8 years in one payment with 5½% interest. What is the maturity value Ann must repay?

Q2. On May 6, Jim Ryan borrowed $14,000 from Lane Bank at 7½% interest. Jim plans to repay the loan on March 11. Assume the loan is on ordinary interest. How much will Jim repay on March 11?

Reference no: EM133005098

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