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Mathematics 14 Online
OpenStudy (anonymous):

please, some help with interest theory!!

OpenStudy (anonymous):

AJ takes out a small business loan of 15500 dollars at a nominal rate of interest of 7.4 percent convertible quarterly. One year later, he repays 3500 dollars. Two years after that, the bank wants to sell AJ's loan to another institution. How much does AJ owe at that time?

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