Darren Associates borrowed $200,500 at 7.85% compounded semi-annually. It repaid this loan by making payments of $4000

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Darren Associates borrowed $200,500 at 7.85% compounded semi-annually. It repaid this loan by making payments of $4000 at the end of every month.

a. What was the total principal repaid in the 4th year?

b. What was the total interest paid in the 4th year?

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Mathematics Of Business And Finance

ISBN: 9781927737545

4th Edition

Authors: Larry Daisley, Thambyrajah Kugathasan, Diane Huysmans

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