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Title: If a loan was repaid by semi-annual payments of $4720.00 in 6.5 years at 8.24% compounded quarterly, ... Post by: ikrabbe on Nov 27, 2017 If a loan was repaid by semi-annual payments of $4720.00 in 6.5 years at 8.24% compounded quarterly, how much interest was paid?
Title: Re: If a loan was repaid by semi-annual payments of $4720.00 in 6.5 years at 8.24% compounded ... Post by: yacom on Nov 27, 2017 PMT = 4720, i = 0.0824 ÷ 4 = 0.0206, n = 6.5 × 2 = 13, c = = 2
p = - 1 = 0.0416244 PVg = 4720.00 = 4720.00(9.8857467) = $46 660.74 Interest paid = 13(4720.00) - 46660.72 = 61360.00 - 46660.72 = $14 699.28 |