Homework Answers
Borrowed amount = 62,700
Interest rate = 6%
Period = 6 years
Maturity value = 62,700 + 6% compounding interest for 6 years
= $88,941.15
Pv factor @9% for 6 years
= 0.59627
Present value
= 88,941.15*0.59627
= $53,032.94
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