Courtney received a loan of $8,500 at 3.52% compounded semi-annually from a credit union to use as
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Question:
Courtney received a loan of $8,500 at 3.52% compounded semi-annually from a credit union to use as working capital for his business. He had to make semi-annual payments for a period of 4 years to settle the loan.
a. Calculate the size of his payments.
b. What was the total interest paid during the period?
c. What was the interest portion of payment number 3?
Related Book For
Principles Of Taxation For Business And Investment Planning 2018
ISBN: 9781259713729
21st Edition
Authors: Sally Jones, Shelley C. Rhoades Catanach, Sandra R Callaghan
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