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Marie Chaney borrowed $12,580 from her mother for 4 years at 5% compounded annually. How much interest will Marie have to pay to her mother? (Use Tables 16-1A&B or a calculator.)
On May 25, 2024
0.05 ¸ 1 = 0.05; 1 ´ 4 = 4; $12,580 ´ 1.21551 = $15,291.12;
$15,291.12 - $12,580 = $2,711.12 interest