Question
A $16,000 loan is taken out and will be repaid over an amortization period of 17 years. The loan repayments are made on a SEMI-ANNUAL
A $16,000 loan is taken out and will be repaid over an amortization period of 17 years. The loan repayments are made on a SEMI-ANNUAL basis (not monthly). The rate of interest charged on the loan is 7% with semi-annual compounding? Calculate the outstanding balance after the 20th payment, and enter your answer to 2 decimal places.
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BP11rnr Where B remaining balance P loan principal initial l...
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Business Mathematics In Canada
Authors: Ernest Jerome
7th edition
978-0071091411, 71091416, 978-0070009899
