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    Comounding Interest

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    A family in the Federal Reserve study group borrowed $120,000. The loan is to be repaid in 13 years at 12% interest, compounded annually. How much will be repaid at the end of 13 years?

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    https://brainmass.com/business/interest-rates/comounding-interest-115612

    Solution Summary

    Comounding interest is investigated.

    $2.19

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