A loan of $20,000 is paid off with installments of $1400 made at the end of each six months. The interest rate is 7% compounded semi-annually. Find the size of the final payment. Select one: a. $211.38 b. $204.23 c. $203.50 d. $208.36

A loan of $20,000 is paid off with installments of $1400 made at the end of each six months. The interest rate is 7% compounded semi-annually. Find the size of the final payment. Select one: a. $211.38 b. $204.23 c. $203.50 d. $208.36

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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A loan of $20,000 is paid off with installments of $1400 made at the end of each six months. The
interest rate is 7% compounded semi-annually. Find the size of the final payment.
Select one:
a. $211.38
b. $204.23
C. $203.50
d. $208.36

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