A $37,000 loan at 8.2% compounded semiannually is to be repaid by equal semiannual payments over 10
Question:
a. What will be the principal component of the sixth payment?
b. What will be the interest component of the sixteenth payment?
c. How much will Payments 6 to 15 inclusive reduce the principal?
d. How much interest will be paid in the third year?
e. What will be the final payment?
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Given PV 37000 i 82 2 41 n 210 20 Substitute into formula 102 and sol...View the full answer
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