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Customer Question

Jacks fried chicken just took out a 7 percent interest only loan of 50000 for 3 years. Payments are to be made at the end of each year. What is the amount of the payment that will be due at the end of year 3?

Submitted: 284 days and 20 hours ago.
Category: Single Problem
Value: $30
Status: CLOSED
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Expert:  Bizhelp replied 284 days and 20 hours ago.

Hi,

Thanks for the question.

$50,000 + (50,000 x 0.07) = $53,500

Hope this helps!

 
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