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ikrabbe ikrabbe
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7 years ago
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?
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Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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#1
7 years ago
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
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