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majarm majarm
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6 years ago
A loan of $40 000.00 is to be repaid by equal quarterly payments for 5 years. What is the size of each semi-annual payment if the interest is 5.00% compounded annually?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
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wrote...
6 years ago
= 40 000, i = 0.05, n = 5 × 4 = 20, c = 
p =   - 1 = 0.0122722344
40000.00 = PMT 
40000.00 = PMT(17.63931702)
$2267.66 = PMT
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