A contractors price for a new building was $96 000. Slade Inc., the buyers of the building,
Question:
(a) What is the size of the semi-annual payment?
(b) For the first payment period, how much interest is paid, how much of the principal is repaid, and what is the loan balance?
(c) For the second payment period, how much interest is paid, how much of the principal is repaid, and what is the loan balance?
(d) What is the total cost of the building for Slade Inc.?
(e) What is the total interest included in the payments?
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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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