Question
A debt of $40000 is repaid over 9 years with payments occurring semi-annually . Interest is 11% compounded annually. (a) What is the size of
A debt of $40000 is repaid over 9 years with payments occurring semi-annually . Interest is 11% compounded annually. (a) What is the size of the periodic payment? (b) What is the outstanding principal after payment 8 ? (c) What is the interest paid on payment 9? (d) How much principal is repaid in payment 9 ?
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Introduction To Personal Finance
Authors: John E Grable, Lance Palmer
1st Edition
1119626633, 9781119626633
