Hong-bin borrows $8,300.00 which he will repay with level annual payments over 11 years. The interest rate is i(365) = 9.000%. What is the outstanding balance on the loan just after 6 payments? a. $4,785.96. b.$5,360.28. c.$5,695.29. d. $5,934.59. e. $6,221.75

Hong-bin borrows $8,300.00 which he will repay with level annual payments over 11 years. The interest rate is i(365) = 9.000%. What is the outstanding balance on the loan just after 6 payments? a. $4,785.96. b.$5,360.28. c.$5,695.29. d. $5,934.59. e. $6,221.75

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter29: Interest, Rent, And Profit

Section: Chapter Questions

Problem 1WNG

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Question

Hong-bin borrows $8,300.00 which he will repay with level annual payments over 11 years. The interest rate is i⁽³⁶⁵⁾ = 9.000%. What is the outstanding balance on the loan just after 6 payments?

a. $4,785.96.

b.$5,360.28.

c.$5,695.29.

d. $5,934.59.

e. $6,221.75

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