SOLUTION: Ronda borrowed 30,000 from a credit bank at 8% compounded quarterly for the first year, at 7.5% compounded semi-annually for the next three years, and 6% compounded annually fo

Question 1193465: Ronda borrowed 30,000 from a credit bank at 8% compounded
quarterly for the first year, at 7.5% compounded semi-annually for the
next three years, and 6% compounded annually for the remaining two
years. How much does she have to pay at the end of 6 years?
Answer by ikleyn(52781) (Show Source): You can put this solution on YOUR website!
.
Ronda borrowed 30,000 from a credit bank at 8% compounded
quarterly for the first year, at 7.5% compounded semi-annually for the
next three years, and 6% compounded annually for the remaining two
years. How much does she have to pay at the end of 6 years?
~~~~~~~~~~~~~~~

You can work step by step, applying special formulas for each time period and conditions.


Alternatively, you can use long formula, which accounts for all these details


    Future value =  = 45,505.33.    ANSWER

Solved.

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To see many other similar (and different) solved problems on compounded interest accounts, look into the lesson
- Compounded interest percentage problems
in this site.

Learn the subject from there.

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