Find the payment necessary to amortize the following loan. $7400, 8.6% semiannually; 36 semiannual payments
The payment is$?
Answer:
Given,
To determine the payment
consider,
Loan payment = (loan amount*rate of interest) / {1 - (1 + Interest rate)number of payments}
Semi-annual rate of interest = 8.6%/2
= 4.3%
Now substitute in loan payment
Loan payment = ($7,400 * 0.043) / (1 - 1.043-36)
Payment = $407.8
Find the payment necessary to amortize the following loan. $7400, 8.6% semiannually; 36 semiannual payments...
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