A debt of $45 000 is repaid over 15 years with semi-annual payments. Interest is 9% compounded
Question:
(a) What is the size of the periodic payments?
(b) What is the outstanding principal after the 11th payment?
(c) What is the interest paid in the 12th payment?
(d) How much principal is repaid in the 12th payment?
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a PV nc 45 00000 i 075 n 30 c 122 6 p 10075 6 1 10458...View the full answer
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Related Book For 
Contemporary Business Mathematics with Canadian Applications
ISBN: 978-0133052312
10th edition
Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs
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