The local high school soccer club need to borrow to finance a new soccer field. Repayment of the loan involves payments of $10 000.00 at the end of every 3 months for 8 years. No payments are to be made during the development period of 5 years. If interest is 8% compounded quarterly, how much did the Achievers borrow?   a) $162 064.83   b) $234 683.35   c) $157 935.17   d) $175.935.71   e) $320 000.00 .

Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
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The local high school soccer club need to borrow to finance a new soccer field. Repayment of the loan involves payments of $10 000.00 at the end of every 3 months for 8 years. No payments are to be made during the development period of 5 years. If interest is 8% compounded quarterly, how much did the Achievers borrow?

 

a) $162 064.83

 

b) $234 683.35

 

c) $157 935.17

 

d) $175.935.71

 

e) $320 000.00

.

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