A loan, amortized over 7 years, is repaid by making payments of $1,600 at the end of every month. If the interest rate is 3.25% compounded semi-annually, what was the loan principal? $21,954.46 (X) Round to the nearest cent
A loan, amortized over 7 years, is repaid by making payments of $1,600 at the end of every month. If the interest rate is 3.25% compounded semi-annually, what was the loan principal? $21,954.46 (X) Round to the nearest cent
Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
6th Edition
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Bruce Crauder, Benny Evans, Alan Noell
ChapterP: Prologue: Calculator Arithmetic
Section: Chapter Questions
Problem 2TU: If the annual percentage rate is 8% and the interest is compounded monthly, what is the amount owed...
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![A loan, amortized over 7 years, is repaid by making payments of $1,600 at the end of
every month. If the interest rate is 3.25% compounded semi-annually, what was the
loan principal?
$21,954.46 (X)
Round to the nearest cent](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5da4a8a9-8472-4383-af09-17a7dd482631%2Ffc28697b-233f-4638-aff4-90fcb5d3c492%2Fneg4b9e_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A loan, amortized over 7 years, is repaid by making payments of $1,600 at the end of
every month. If the interest rate is 3.25% compounded semi-annually, what was the
loan principal?
$21,954.46 (X)
Round to the nearest cent
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