SOLUTION: Dist. of Columbia Capital LLC borrows $65,200 from a bank at 5.02% compounded semi-annually for 8 years and 3 months. a) How much will the accumulated value of the loan be at t

Question 1192855: Dist. of Columbia Capital LLC borrows $65,200 from a bank at 5.02% compounded semi-annually for 8 years and 3 months.
a) How much will the accumulated value of the loan be at the end of the term? $

b) How much interest will be charged on the loan
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
total amount due is 65,200(1+(0.0502/2))^16 times compounded =$96,940.96 due
and 65,200(1+0.0251)^17 times compounded=$99374.18
The amount may be approximated by the average or $98,157.57
interest is that amount minus the original principal or $32,975,57
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