Jarmila borrowed $3,000, $3,500, and $4,000 from her grandmother on December 1 in each of three successive years at college. They agreed that interest would accumulate at the rate of 4% compounded semi-annually. Jarmila is to start repaying the loan on June 1 following the third loan. What consolidated amount will she owe at that time?

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The Answer of Jarmila borrowed $3,000, $3,500, and $4,000 from her grandmother on December 1 in each of three successive years at college. They agreed that interest would accumulate at the rate of 4% compounded semi-annually. Jarmila is to start repaying the loan on June 1 following the third loan. What consolidated amount will she owe at that time?

Jarmila Borrowed $3,000, $3,500, and $4,000 from Her Grandmother on December