Wells Pierce
01/19/2024 · Senior High School
6. Joey borrows \( \$ 50000 \) from a bank at an interest rate of \( 20 \% \) p.a., compounded quarterly. Then he repays \( \$ 5000 \) to the bank at the end of each half-year. The interest due is added to the amount owed to form the new principal of the next period. How much does he still owe the bank at the end of the first year, provided that he hasn't paid the repayment at that time?
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At the end of the first year, Joey owes approximately \( \$60775.31 \) to the bank.
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