Wade Cummings
03/07/2023 · Elementary School
Ialue of A borrower had a loan of \( \$ 70,000.00 \) at \( 5 \% \) compounded annually, with 8 annual payments. Suppose the borrower paid off the loan after 4 years. Calculate the amount needed to pay off the loan. 2 of 15.3 .
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The amount needed to pay off the loan after 4 years is approximately $85,085.44.
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