A $49,000 loan at 9.4% compounded semiannually is to be repaid by semiannual payments of $3,700 (except

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A $49,000 loan at 9.4% compounded semiannually is to be repaid by semiannual payments of $3,700 (except for a smaller final payment).

a. What will be the principal component of the sixteenth payment? Principal $

b. What will be the interest portion of the seventh payment? Interest $

c. How much will Payments 8 to 14 inclusive reduce the principal balance? Principal reduction $

d. How much interest will be paid in the sixth year? Interest paid $

e. What will be the final payment? Final payment $

Related Book For answer-question

Engineering Economy

ISBN: 978-0133439274

16th edition

Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

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Posted Date: Mar 17, 2021 01:15 AM

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A $49,000 loan at 9.4% compounded semiannually is to be repaid by semiannual payments of $3,700 (except

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R Pi11in1 Loan P 49000 Semi annual payment R 3700 i rm2 r 94 m semiannual2 Put values ... View the full answer

Engineering Economy

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