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please show work 2 A company borrowed $204,000 at an interest rate of (2) = 8.5% for 23 years. The company plans to make semiannual
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2 A company borrowed $204,000 at an interest rate of (2) = 8.5% for 23 years. The company plans to make semiannual payments to satisfy the loan. After making 7 payments, the company ran into difficulties and was forced to skip 5 payments. Assume all payments are rounded up to the nearest dollar. (a) What is the balance outstanding on the loan after the company made the last regular payment (just before it was forced to skip payments)? Number (b) What will new payments on the loan be assuming there will be no change in the original amortization? (i.e. the final payment will occur on the same date as it would have if the company never missed a payment.) NumberStep by Step Solution
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