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Five Years Ago Sylvio Borrowed $12,000 from Warren at 11

Question 244

Multiple Choice

Five years ago Sylvio borrowed $12,000 from Warren at 11% compounded annually. Two years ago he made a payment of $7,000 to reduce his debt. Now how much, including interest, does Sylvio owe to Warren?


A) $14,339
B) $11,596
C) $9,217
D) $7,675
E) $5,972

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