Question
A debt of $32000 is repaid by payment of $2950 made at the end of every 6 months with an interest of 8.28% compounded quarterly
A debt of $32000 is repaid by payment of $2950 made at the end of every 6 months with an interest of 8.28% compounded quarterly
(1) what is the number of payments required to retire the payment( fully repay )
(2) What is the cost of debt for the first 5 years?
(3) what is the interest paid at the end of the 10th payment period?
(4) What is the outstanding balance prospectively for the last 3 payments?
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Financial Accounting An International Introduction
Authors: David Alexander
7th Edition
129229583X, 978-1292295831
