A bank made a farmer a loan of $1000 at 16% for three years compounded semiannually. Find the future value and the compound interest paid on the loan. My email is ClineLFF03@outlook.com
FV = 1000(1+ 0.16/2)^(2*3)
The compound interest paid on the loan is 1586.87 - 1000 = $586.87
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