A car loan of $23,800 is to be repaid with bi-weekly payments of $164. How many payments are required to repay the loan at compounded bi-weekly? What is the size of the final payment? Round your answer up to the next whole payment (6 months). Payments = See "Finding the value of the final payment" on Chapter 11 Formula Sheet. Also see Example 11.D on page 452 of Edition 12. Do not include the dollar sign in your answer. Value of final
A car loan of $23,800 is to be repaid with bi-weekly payments of $164. How many payments are required to repay the loan at compounded bi-weekly? What is the size of the final payment? Round your answer up to the next whole payment (6 months). Payments = See "Finding the value of the final payment" on Chapter 11 Formula Sheet. Also see Example 11.D on page 452 of Edition 12. Do not include the dollar sign in your answer. Value of final
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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![A car loan of $23,800 is to be repaid with bi-weekly payments of $164. How many payments are required to repay the loan at 7.2% p.a.
compounded bi-weekly? What is the size of the final payment?
Round your answer up to the next whole payment (6 months).
Payments =
See "Finding the value of the final payment" on Chapter 11 Formula Sheet.
Also see Example 11.D on page 452 of Edition 12.
Do not include the dollar sign in your answer.
Value of final payment =
Watch this an](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa5ca617f-1819-41d4-aa65-d6cf7d3268bc%2F3f8eadee-2fb2-49b0-89ce-18aece1d2bfd%2F5y8tlry_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A car loan of $23,800 is to be repaid with bi-weekly payments of $164. How many payments are required to repay the loan at 7.2% p.a.
compounded bi-weekly? What is the size of the final payment?
Round your answer up to the next whole payment (6 months).
Payments =
See "Finding the value of the final payment" on Chapter 11 Formula Sheet.
Also see Example 11.D on page 452 of Edition 12.
Do not include the dollar sign in your answer.
Value of final payment =
Watch this an
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