A loan of S14,000 with interest at 7% compounded semi-annually is repaid by payments of...
80.2K
Verified Solution
Link Copied!
Question
Finance
A loan of S14,000 with interest at 7% compounded semi-annually is repaid by payments of $984.00 made at the end of every three months. (a) How many payments will be required to amortize the loan? (b) If the loan is repaid in full in 2 years, what is the payout figure? (c) If paid out, what is the total cost of the loan? (a) The number of payments required to amortize the loan is (Round up to the nearest whole number.)
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.