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Moneybag Bank & Trust Is Offering Loans at 5% Compounded

Question 24

Multiple Choice

Moneybag Bank & Trust is offering loans at 5% compounded continuously. Before you decide to borrow using that interest rate, what payment would be required on a $200,000 loan for a 30 year loan?


A) $1,089.59
B) $1,578.34
C) $1,183.92
D) $1,226.90

Correct Answer:

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