6. What size monthly payments should occur when $10,000 is borrowed at 6% per year compounded semiannually and the loan is repaid with 24 equal monthly payments?
6. What size monthly payments should occur when $10,000 is borrowed at 6% per year compounded semiannually and the loan is repaid with 24 equal monthly payments?
Chapter2: Loads On Structures
Section: Chapter Questions
Problem 1P
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Transcribed Image Text:6.
What size monthly payments should occur when $10,000 is borrowed at 6% per year compounded semiannually and the loan is repaid with 24
equal monthly payments?
Expert Solution
Step 1
Considering A be semi annual payment.
There will be 4 semi annual payments.
we will divide semiannual by 6 to get monthly payment.
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