Question
James borrowed $6000 today. For the first 2.5 years the interest rate on the loan was 4.3% compounded monthly. Then the interest rate changed to
James borrowed $6000 today. For the first 2.5 years the interest rate on the loan was 4.3% compounded monthly. Then the interest rate changed to 2.9% compounded semi-annually.
- What amount is required to pay-off the loan 8 years from today if no payments are made?
- How much interest did James pay on the loan?
Round your final answers to 2 decimal places.
| N | ||
| PV | ||
| FV | ||
| PMT | ||
| I/Y | ||
| P/Y | ||
| C/Y |
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Taxation Of Individuals And Business Entities 2016
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
7th Edition
9781259425479, 125942121x, 1259334872, 1259425479, 9781259421211, 978-1259334870
