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A $37,000 loan at 8.2% compounded semiannually is to be repaid by semiannual payments of $2500 ...

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A $37,000 loan at 8.2% compounded semiannually is to be repaid by semiannual payments of $2500 ...

A $37,000 loan at 8.2% compounded semiannually is to be repaid by semiannual payments of $2500 (except for a smaller final payment).

a) What will be the principal component of the sixteenth payment?
b) What will be the interest portion of the sixth payment?
c) How much will Payments 8 to 14 inclusive reduce the principal balance?
d) How much interest will be paid in the fifth year?
e) What will be the final payment?

Textbook

Business Mathematics in Canada

Edition: 11^th

Authors: Jerome, Worswick

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smithc52 Author

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Smart ... Thanks!

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Thanks for your help!!

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