Question
Katrina took out a $700,000 loan that has to be repaid in 20 years through semiannual payments starting six months after the loan is closed.
Katrina took out a $700,000 loan that has to be repaid in 20 years through semiannual payments starting six months after the loan is closed. The initial payment is 10X and each subsequent payment is 2X larger than the preceding payment. If the interest charged on the loan is 7% compounded semiannually, determine
(a) Katrinas outstanding balance right after the twentieth installment.
(b) the amount of interest paid and principal repaid for the twenty first installment.
(c) the amount of total interest paid over the term of the loan.
ACTUARIAL NOTATION PLEASE!!!
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The Municipal Budget Crunch A Handbook For Professionals
Authors: Roger L. Kemp
1st Edition
0786463740, 978-0786463749
