A $16,000 loan is taken out and will be repaid over an amortization period of 17 years.

Fantastic news! We've Found the answer you've been seeking!

Question:

A $16,000 loan is taken out and will be repaid over an amortization period of 17 years. The loan repayments are made on a SEMI-ANNUAL basis (not monthly). The rate of interest charged on the loan is 7% with semi-annual compounding? Calculate the outstanding balance after the 20th payment, and enter your answer to 2 decimal places.