A loan is to be amortized over an 8-year term at 6.4% interest compounded semiannually, with payments

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A loan is to be amortized over an 8-year term at 6.4% interest compounded semiannually, with payments of $905.33 every 6 months and a balloon payment of $5,000 at the end of the term. Calculate the amount of the loan?

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Finite Mathematics and Its Applications

ISBN: 978-0134768632

12th edition

Authors: Larry J. Goldstein, David I. Schneider, Martha J. Siegel, Steven Hair

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Question Posted: Feb 12, 2018 09:28 AM

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A loan is to be amortized over an 8-year term at 6.4% interest compounded semiannually, with payments

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