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Home Q & A Board Science-Related Homework Help Mathematics
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majarm majarm
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6 years ago
A loan of $19 000.00 is repaid by quarterly payments of $900.00 each at 8% compounded quarterly. What is the principal repaid by the 21st payment?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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#1
6 years ago
n =   =   =   = 27.7016753
PVn = 900 
   = 900(7.07263077) = $6365.37
Interest = 6365.37(0.02) = $127.31
Principal repaid = 900.00 - 127.31 = $772.69
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