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(Solved): Suppose that 15 years ago, you borrowed a certain amount of money. The loan had an annual interest r ...
Suppose that 15 years ago, you borrowed a certain amount of money. The loan had an annual interest rate of 5.2% with continuous compounding, and today you repaid a total of $77,917. How much interest did you pay on this loan, as a percentage of how much you borrowed? For example, if you borrowed $1000 and you paid $175 in interest, the answer would be 17.5 (percent).