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  3. 1- lou lewis borrows $13,000 to be repaid over 10

1- Lou Lewis borrows $13,000 to be repaid over 10 years at 9 percent....

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Finance

1-

Lou Lewis borrows $13,000 to be repaid over 10 years at 9 percent. Repayment of principal in the first year is: Use Appendix D to calculate the answer. (Round your intermediate calculations to the nearest dollar value.)

  • $1,083

  • $2,026

  • $940

  • $856

2-

Mr. Blochirt is creating a college investment fund for his daughter. He will put in $26,000 per year for the next 15 years and expects to earn a 10% annual rate of return. How much money will his daughter have when she starts college? Use Appendix C to calculate the answer.

  • $815,059

  • 826,799

  • $814,046

  • $826,072

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