Faisal borrowed $3,000, $3,500, and $4,000 from his father on January 1 of 3 successive years at college. Faisal and his father agreed that interest would accumulate on each amount at the rate of 5% compounded semi-annually. Faisal is to start repaying the loan on the January 1 following graduation. What consolidated amount will he owe at that time?

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The Answer of Faisal borrowed $3,000, $3,500, and $4,000 from his father on January 1 of 3 successive years at college. Faisal and his father agreed that interest would accumulate on each amount at the rate of 5% compounded semi-annually. Faisal is to start repaying the loan on the January 1 following graduation. What consolidated amount will he owe at that time?

Faisal Borrowed $3,000, $3,500, and $4,000 from His Father on January