Lionel obtained a business loan of $310,000 at 5.29% compounded semi-annually. a. What was the size...
Lionel obtained a business loan of $310,000 at 5.29% compounded semi-annually.
a. What was the size of the semi-annual payments to be made over 20 years in order to pay off the loan?
b. Calculate the interest paid on the loan.
Homework Answers
![Semi annual payment = pmt = Loan + [(1-(1/(1+r^n)}/r] 310,000 = [((1-(1/(1.02645440)}}/0.02645] $12,652.68 b) Interest paid o](http://img.homeworklib.com/questions/c4a62d70-f6b6-11ea-954a-776000ee8490.png?x-oss-process=image/resize,w_560)
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Lionel obtained a business loan of $310,000 at 5.29% compounded
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