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Langara Woodcraft borrowed money to purchase equipment. The loan is repaid by making payments of $1038.21 at the end of every month over three years. If interest is 7.3% compounded semi dash annually, what was the original loan balance?

Langara Woodcraft borrowed money to purchase equipment. The loan is repaid by making payments of $1038.21 at the end of every month over three years. If interest is 7.3% compounded semi dash annually, what was the original loan balance?

Essentials Of Investments
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
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Langara Woodcraft borrowed money to purchase equipment. The loan is repaid by making payments of $1038.21 at the end of every month over three years. If interest is 7.3% compounded semi dash annually, what was the original loan balance?
Transcribed Image Text:Langara Woodcraft borrowed money to purchase equipment. The loan is repaid by making payments of $1038.21 at the end of every month over three years. If interest is 7.3% compounded semi dash annually, what was the original loan balance?
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