Sunday, August 14, 2011

The question follows below, please solve it for me...?

the properties of the coachmen inn secured two loans from the union bank: one for $8000 due in 3 years and one for $15000 due in 6 years, both at an interest rate of 10% compounded semiannually. the bank allowed the two loans to be consolidated into one loan payable in 5 years at the same interest rate. how much the business has to pay the bank at the end of 5 year?

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