Suppose that a loan of $7000 is given at an interest rate of

Last updated: 7/12/2022

Suppose that a loan of $7000 is given at an interest rate of 8% compounded each year. Assume that no payments are made on the loan. Follow the instructions below. Do not do any rounding. (a) Find the amount owed at the end of 1 year. $ (b) Find the amount owed at the end of 2 years. $