document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1206597>Question 1206597</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Problem 6. (2 points)<BR>\n" );
document.write( "Starting on July 1, 2000, Peter borrows $8,500.00 each year for<BR>\n" );
document.write( "4 years from his dear Aunt May to pay for college. (Note: the<BR>\n" );
document.write( "last date that he borrows money is July 1, 2003.) From the be-<BR>\n" );
document.write( "ginning, Aunt May agreed to defer all interest on the loans until<BR>\n" );
document.write( "Peter finds a job; i.e. Peter’s loans will not accumulate any inter-<BR>\n" );
document.write( "est until the first day he starts working. After that, Peter will be<BR>\n" );
document.write( "charged 7.2 percent compounded semiannually, and he will pay<BR>\n" );
document.write( "Aunt May back with 16 equal semiannual payments, the first com-<BR>\n" );
document.write( "ing 6 months after he starts his job. Peter finds a job as a photog-<BR>\n" );
document.write( "rapher for a local newspaper, and his first day of work is July 1,<BR>\n" );
document.write( "2004. For tax reasons, Peter needs to compute the total amount of<BR>\n" );
document.write( "interest that he will pay to Aunt May in the year 2007. How much<BR>\n" );
document.write( "in interest did Peter actually pay in 2007? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #844256 by </B><A HREF=/tutors/aboutme.mpl?userid=ikleyn><B>ikleyn(52905)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=ikleyn><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=ikleyn><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=844256\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> .\r<BR>\n" );
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document.write( "a TWIN problem is just solved under this link\r<BR>\n" );
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document.write( "https://www.algebra.com/algebra/homework/word/finance/Money_Word_Problems.faq.question.1206658.html\r<BR>\n" );
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document.write( "Consider it as your TEMPLATE and solve this current problem in the same way.\r<BR>\n" );
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