Mike borrowed $14 000 at 6.5% compounded semi-annually. If the loan is to be repaid in equal

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Mike borrowed $14 000 at 6.5% compounded semi-annually. If the loan is to be repaid in equal semi-annual payments over three years and the first payment is due four years after the date of the loan, what is the size of the semi-annual payment?

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Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

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Question Posted: Feb 26, 2016 04:05 AM

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Mike borrowed $14 000 at 6.5% compounded semi-annually. If the loan is to be repaid in equal

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PV n defer 14 00000 i 325 n 6 d 8 FV 14 00000103258 FV 14 000001...View the full answer

Contemporary Business Mathematics with Canadian Applications

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