Question
A $16,000 loan is to be amortized for 10 years with quarterly payments of $610.84. If the interest rate is 9%, compounded quarterly, what is
A $16,000 loan is to be amortized for 10 years with quarterly payments of $610.84. If the interest rate is 9%, compounded quarterly, what is the unpaid balance immediately after the sixth payment? (Round your answer to the nearest cent.)
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Contemporary Quantitative Finance
Authors: Carl Chiarella, Alexander Novikov
2010th Edition
3642034780, 978-3642034787
