Today you made a student loan of $10,000 with the 5.5% annual interest rate. You will be in school next four years and you do not have any obligation to make payments until you graduate while the interest accumulates. How much will you owe in four years when you start making payments? Round to the nearest cent. Do not include any unit (If your answer is $111.11, then type 111.11 without $ sign.)

Today you made a student loan of $10,000 with the 5.5% annual interest rate. You will be in school next four years and you do not have any obligation to make payments until you graduate while the interest accumulates. How much will you owe in four years when you start making payments? Round to the nearest cent. Do not include any unit (If your answer is $111.11, then type 111.11 without $ sign.)

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 15P

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