An auto repair shop borrowed $14000 to be repaid by semi dash annual payments over 8 years. Interest on the loan is 9 % compounded semi dash annually.(a) What is the size of the periodic payment?(b) What is the outstanding principal after payment 10?(c) What is the interest paid on payment 11?(d) How much principal is repaid in payment 11?

Answer rating: 100% (QA)

To solve this problem we can use the formula for calculating the periodic payment for an amortizing ... View the full answer