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A $70,000 loan at 3.5% compounded semi-annually requires quarterly payments of $1440 for 16 years. (Show Work) Determine the principal repaid in the 12th payment.
A $70,000 loan at 3.5% compounded semi-annually requires quarterly payments of $1440 for 16 years. (Show Work)
- Determine the principal repaid in the 12th payment.
- Determine the interest paid in the 5th payment.
- Determine the interest paid in the 7th year.
- Determine the final payment.
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Accounting And Finance For Bankers
Authors: IIBF
3rd Edition
9350598485, 9789350598481
