The Saskatchewan Junior Achievers need to borrow to finance a project. Repayment of the loan involves payments of $8711.00 at the end of every three months for six years. No payments are to be made during the development period of three years. Interest is 9.24% compounded quarterly.
a) How much did the Achievers borrow?
b) What amount will be repaid?
c) How much of that amount will be interest?

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The Answer of The Saskatchewan Junior Achievers need to borrow to finance a project. Repayment of the loan involves payments of $8711.00 at the end of every three months for six years. No payments are to be made during the development period of three years. Interest is 9.24% compounded quarterly.
a) How much did the Achievers borrow?
b) What amount will be repaid?
c) How much of that amount will be interest?

The Saskatchewan Junior Achievers Need to Borrow to Finance a Project