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22 July, 22:26

Josaya takes out a loan of $215000 to purchase a car. the bank charges him 5.2% compounded quarterly on this loan. if he pays back loan after three years, calculate the total amount to be paid back by josaya

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  1. 23 July, 01:46
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    215,000 x 5.2% = 11,180 quarterly compounded interested

    quarter = 4 theres 4 quarters in a year

    3years x 4 quarters = 12 quarters

    12 quarters x 5.2% of 215,000 =

    134,160 (compounded interested) + 215,000 (money he owes) =

    349,160
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