Calculating single-payment loan amount due at maturityjames, Ask an Expert

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Calculating single-payment loan amount due at maturity.James plans to borrow $8000 for five years.The loan wiil be repaid with a single payment after five years, and the interest on the loan will be computed using the simple interest method at an annual rate of 6 percent. How much will Jmes have to pay in five years? How much will he have to pay at maturity if he`s required to make annual interest payments at the end of each year?

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