Jamal borrowed some money at 8.4% compounded quarterly. After 4 years, he repays...continues

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Question

Jamal borrowed some money at 8.4% compounded quarterly. After 4 years, he repays $5926.53 for the principal interest. How much did Jamal borrow?

Answer 1

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Answer #3

answered by: Scilebur

Answer 2

Answer #1

5926.53/1.084^4
=4356.17 ans

Answer 3

Answer #2

P( 1 +r/100)^n = A

P(1 + 8.4/100)^4 = 5926.53

P = 4292.234 $

Answer 4

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