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QUESTION
Klemson High-Tech Industries borrowed $65,000 for three years at 14% compounded semi-annually. How much interest will they pay on the loan when they
Klemson High-Tech Industries borrowed $65,000 for three years at 14% compounded semi-annually. How much interest will they pay on the loan when they pay it off at the end of the term of the loan? (Express your answer to the nearest cent.)
$32,547.52
$14,627.80
$9,100.00
$32,306.73
Loan amountInterestYearsPayoff amountInterest payment $65,00014%3$97,547.47$32,547.47