Semiannual payments of $1240 will pay off the balance owed on a loan in 9 1/2 years.

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Semiannual payments of $1240 will pay off the balance owed on a loan in 9 1/2 years. If the interest rate on the loan is 9.9% compounded semiannually, what is the current balance on the loan?

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Business Mathematics In Canada

ISBN: 978-0070009899

7th edition

Authors: Ernest Jerome

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Question Posted: Sep 21, 2024 08:02 AM

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Semiannual payments of $1240 will pay off the balance owed on a loan in 9 1/2 years. If the interest rate on the loan is 9.9% compounded semiannually, what is the current balance on the loan?
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Semiannual payments of $1240 will pay off the balance owed on a loan in 9 1/2 years.

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Business Mathematics In Canada

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