Harris Machinery received a demand loan of $190,000. It repaid $75,000 at the end of...
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Harris Machinery received a demand loan of $190,000. It repaid $75,000 at the end of the first year, $90,000 at the end of the second year, and the balance at the end of the third year. The interest rate charged on the loan was 5.75% compounded semi- annually during the first year, 5.50% compounded quarterly during the second year, and 5.00% compounded monthly during the third year. a. What was the balance of the loan at the end of the first year? Round to the nearest cent b. What was the balance of the loan at the end of the second year? Round to the nearest cent c. What amount at the end of the third year will settle the loan? Round to the nearest cent
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