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Langara Woodcraft borrowed money to purchase equipment. The loan is repaid by making payments of $969.91 at the end of every year over five years.
Langara Woodcraft borrowed money to purchase equipment. The loan is repaid by making payments of
$969.91
at the end of every
year
over
five
years. If interest is
5.1%
compounded
quarterly,
what was the original loan balance?
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Part 1
The original loan balance was
$enter your response here.
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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