ou are considering taking out a loan of 5000 that will be paid back over 8 years with quarterly payments of 203.12. If the interest rate is 6.7% compounded quartley, what would the unpaid balance be immediately after the 11th payment?

ou are considering taking out a loan of 5000 that will be paid back over 8 years with quarterly payments of 203.12. If the interest rate is 6.7% compounded quartley, what would the unpaid balance be immediately after the 11th payment?

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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You are considering taking out a loan of 5000 that will be paid back over 8 years with quarterly payments of 203.12. If the interest rate is 6.7% compounded quartley, what would the unpaid balance be immediately after the 11th payment?

The unpaid balance would be $

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