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A debt of $18,000 is being repaid by 15 equal semi-annual payments. Payments are made at the end of every six months, with the first payment to be made six months from now. Interest is at the rate of 7% compounded semi- annually. If the first payment is to be made a year from now, recalculate the size of each semi-annual payment.

A debt of $18,000 is being repaid by 15 equal semi-annual payments. Payments are made at the end of every six months, with the first payment to be made six months from now. Interest is at the rate of 7% compounded semi- annually. If the first payment is to be made a year from now, recalculate the size of each semi-annual payment.

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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A debt of $18,000 is being repaid by 15 equal semi- annual payments. Payments are made at the end of every six months, with the first payment to be made six months from now. Interest is at the rate of 7% compounded semi-annually. If the first payment is to be made a year from now, recalculate the size of each semi-annual payment.
Transcribed Image Text:A debt of $18,000 is being repaid by 15 equal semi- annual payments. Payments are made at the end of every six months, with the first payment to be made six months from now. Interest is at the rate of 7% compounded semi-annually. If the first payment is to be made a year from now, recalculate the size of each semi-annual payment.
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