Langara Woodcraft borrowed money to purchase equipment. The loan is repaid by making payments of $1154.26...
Langara Woodcraft borrowed money to purchase equipment. The loan is repaid by making payments of
$1154.26
at the end of every
three months
over
five
years. If interest is
7.6 %
compounded
monthly ,
what was the original loan balance?
Homework Answers
![Original loan Px[1-(1:(1+r)^n)]=r Here, =((1+7.6%/12)^3-1)*4 A Interest rate per annum B Number of years C|Number of compound](http://img.homeworklib.com/questions/2af27e00-753e-11ea-8112-c969c7bc3af6.png?x-oss-process=image/resize,w_560)
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Langara Woodcraft borrowed money to purchase equipment. The loan
is repaid by making payments of
$1154.26...
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Langara Woodcraft borrowed money to purchase equipment. The loan is repaid by making payments of $719.75 at the end of every six months over ten years. If interest is 6.7% compounded monthly, what was the original loan balance? The original loan balance was $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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of 10 | Page 5 of 10 5 (1 point) A loan of $45,000 at 8% compounded quarterly is to be amortized over four years with equal payments made at the end of every three months. How much interest will be paid over the entire amortization period? Question 6 (1 point) A car loan is to be repaid by oqual monthly payments for four years. The interest rate is 7.2% compounded monthly and the amount borrowed is $17,355. How much...
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