Multiple Choice
A loan of $15 000.00 was repaid together with interest of $1089.00. If interest was 5% compounded quarterly, how long was the loan taken out? (Answers are rounded off to years and months)
A) 5 years 8 months
B) 1 year 11 month
C) 1 year 5 months
D) 52 years 10 months
E) 3 years 7 months
Correct Answer:
Verified
Correct Answer:
Verified
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