SOLUTION: A FARMER BORROWED 50,000 PESOS FROM THE BANK IN ORDER TO BUY FARM MACHINERIES. WHAT IS THE INTEREST IF THE LOAN IS PAYABLE IN 5 YEARS IN THE RATE OF 10%COMPOUNDED SEMI- ANNUALLY?
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Question 476539: A FARMER BORROWED 50,000 PESOS FROM THE BANK IN ORDER TO BUY FARM MACHINERIES. WHAT IS THE INTEREST IF THE LOAN IS PAYABLE IN 5 YEARS IN THE RATE OF 10%COMPOUNDED SEMI- ANNUALLY?
Answer by robertb(5830) (Show Source): You can put this solution on YOUR website!
The balance is given by the formula
==>
==> the interest is 81,444.73 - 50,000 = 31,444.73
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