Jamshid borrowed $350 from his mother at the beginning of every month for 2 years while

Question:

Jamshid borrowed $350 from his mother at the beginning of every month for 2 ½ years while he attended Seneca College.
a. If the interest rate on the accumulating debt was 6% compounded semiannually, what amount did he owe his mother at the end of the 2 ½ -year period?
b. If he made the first monthly payment of $175 on the loan at the end of the first month following the 2 ½ -year period, how long after the date he entered college will he have the loan repaid?
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question
Question Posted: