Question
Langara Woodcraft borrowed money to purchase equipment. The loan is repaid by making payments of $1004.84 at the end of every month over four years.
Langara Woodcraft borrowed money to purchase equipment. The loan is repaid by making payments of $1004.84 at the end of every month over four years. If interest is 4.9% compounded semi-annually, what was the original loan balance?
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Fundamentals of Financial Management
Authors: Eugene F. Brigham, Joel F. Houston
Concise 6th Edition
324664559, 978-0324664553
