Erik borrowed $25,000 from a local bank at 4% compounded semi-annually to start a business. After 2 years, the interest rate on the debt changed to 6% compounded monthly. a. What would be the...

Erik borrowed $25,000 from a local bank at 4% compounded semi-annually to start a<br>business. After 2 years, the interest rate on the debt changed to 6% compounded<br>monthly.<br>a. What would be the accumulated amount of the debt in 2 years?<br>Round to the nearest cent<br>b. What would be the accumulated amount of the debt in 4 years?<br>

Extracted text: Erik borrowed $25,000 from a local bank at 4% compounded semi-annually to start a business. After 2 years, the interest rate on the debt changed to 6% compounded monthly. a. What would be the accumulated amount of the debt in 2 years? Round to the nearest cent b. What would be the accumulated amount of the debt in 4 years?

Jun 10, 2022

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Erik borrowed $25,000 from a local bank at 4% compounded semi-annually to start a business. After 2 years, the interest rate on the debt changed to 6% compounded monthly. a. What would be the...

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