Jesse received a total of $10,000 as loans from his cousin John. After six years, Jesse paid $8,000 towards the earned dividends and partial principal. He also paid a total of $5,000 at the end of eight years to spend on the loan. The dividend rate for the first six years was 12% compounded annually and a slightly more elevated rate for the 7th and 8th years. What was the interest rate?
Jesse received a total of $10,000 as loans from his cousin John. After six years, Jesse paid $8,000 towards the earned dividends and partial principal. He also paid a total of $5,000 at the end of eight years to spend on the loan. The dividend rate for the first six years was 12% compounded annually and a slightly more elevated rate for the 7th and 8th years. What was the interest rate?
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 57SE: Karl has two years to save $10000 to buy a used car when he graduates. To the nearest dollar, what...
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Jesse received a total of $10,000 as loans from his cousin John. After six years, Jesse paid $8,000 towards the earned dividends and partial principal. He also paid a total of $5,000 at the end of eight years to spend on the loan. The dividend rate for the first six years was 12% compounded annually and a slightly more elevated rate for the 7th and 8th years. What was the interest rate?
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