mahlady007 mahlady007

13-10-2022
Business

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Suppose you took out a 6-year, $2000 loan with a simple variable interest margin of 1.5% linked to the federal funds benchmark that is currently at 6.7%. What is the total cost for this loan agreement if the federal funds benchmark interest increases to 9% after the first 2 years, and then decreases to 4.2% for the final year of the loan agreement?

Recall that the simple interest formula is
I= P x r x t

Answer :

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