dancing_s7
New member
can you please show a full explanation to this question? thank you
Charla borrowed $2,500 for 2½ years. For the first 1½ years, the interest rate on the loan was 4% compounded semi-annually. Then the rate became 6% compounded monthly. What total amount was required to pay off the loan if no payments were made before the expiry of the 2½-year term? For full marks your answer(s) should be rounded to the nearest cent.
Charla borrowed $2,500 for 2½ years. For the first 1½ years, the interest rate on the loan was 4% compounded semi-annually. Then the rate became 6% compounded monthly. What total amount was required to pay off the loan if no payments were made before the expiry of the 2½-year term? For full marks your answer(s) should be rounded to the nearest cent.