An open loan of $17,000 was taken out today where payments (deposits) and withdrawals can be made freely with a loan rate of 2.8% compounded semi-annually. To reduce the balance of the loan, $1030 was paid 12 months from today, and $5730 was paid 16 months from today. What is the final outstanding balance of the loan 24 months from today (8 months after the last payment)? State your final answer in dollars ($) with two decimals.

An open loan of $17,000 was taken out today where payments (deposits) and withdrawals can be made freely with a loan rate of 2.8% compounded semi-annually. To reduce the balance of the loan, $1030 was paid 12 months from today, and $5730 was paid 16 months from today. What is the final outstanding balance of the loan 24 months from today (8 months after the last payment)? State your final answer in dollars ($) with two decimals.

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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