Canadian Western Bank issued a loan of $59,000 at 4.33% compounded semi-annually. The loan was repaid by payments of $730 at the end of every month.a. How many payments were required to pay off the loan?(Enter a whole number)b. What was the total interest paid in the 4th year?(Enter starting and ending periods as P1 and P2 and thetotal interest paid as a positive value to the nearestcent.)P1 =P2==Total interest paid in the 4th year= $c. What was the size of the final payment?(Enter a positive value to the nearest cent)$

A loan is a financial arrangement in which one or more people, companies, or other entities lend…

Answered: Canadian Western Bank issued a loan of…

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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Similar questions

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A debt of $9445.01 is repaid by payments of $1025.67 in 4 months, $843.04 in 13 months, and a final payment in 35 months. If interest was 9% compounded quarterly, what was the amount of the final payment?
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