Question
A $40,500 loan at 5.50% compounded semi-annually is to be repaid with five equal semi-annual payments. The first payment is one year after the loan.
A $40,500 loan at 5.50% compounded semi-annually is to be repaid with five equal semi-annual payments. The first payment is one year after the loan. Calculate the amount of each payment. For full marks your answer(s) should be rounded to the nearest cent.
Payment = $0.00
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Personal Finance
Authors: E. Thomas Garman, Raymond E. Forgue
13th edition
1337099759, 978-1337516440, 1337516449, 978-1337099752
