To settle a debt with interest at 12% compounded semiannually, Mr Who agrees to make 15 payments

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To settle a debt with interest at 12% compounded semiannually, Mr Who agrees to make 15 payments of $400 at the end of each half-year and a final payment of $292.39 six months later. How much did Mr Who borrow?

Related Book For answer-question

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

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Posted Date: Apr 17, 2024 09:22 AM

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To settle a debt with interest at 12% compounded semiannually, Mr Who agrees to make 15 payments

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We can calculate the amount Mr Who borrowed using the present value of an annuity formula and the pr... View the full answer

Income Tax Fundamentals 2013

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