A debt of $25 000 is repaid by payments of $3500 made at the end of every

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A debt of $25 000 is repaid by payments of $3500 made at the end of every six months. Interest is 11% compounded semi-annually.
(a) How many payments are needed to repay the debt?
(b) What is the size of the final payment?

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Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

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Question Posted: Feb 26, 2016 04:11 AM

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A debt of $25 000 is repaid by payments of $3500 made at the end of every

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a PV n 25 00000 PMT 350000 i 55 7142857 1 1055 n 005...View the full answer

Contemporary Business Mathematics with Canadian Applications

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