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4 April, 00:20

Hugh curtin borrowed $35,000 on july 1, 2017. this amount plus accrued interest at 8% compounded annually is to be repaid on july 1, 2022. how much will hugh have to repay on july 1, 2022?

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  1. 4 April, 01:48
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    Answer: $49,000

    Explanation: In order to calculate how much he will need to repay we first need to calculate the amount of interest that he will pay. The formula for interest is Interest = Principal x rate x time.

    Using the formula, Interest = $35,000 x. 08 x 5, Interest = $14,000

    On July 1, 2022 Hugh will need to repay the principal that he borrowed, which was $35,000 plus the interest of $14,000, which is a total of $49,000.
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Home » Business » Hugh curtin borrowed $35,000 on july 1, 2017. this amount plus accrued interest at 8% compounded annually is to be repaid on july 1, 2022. how much will hugh have to repay on july 1, 2022?
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