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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Transcribed Image Text:The quarterly payments on a seven year loan at 12% compounded semiannually are $672. The original loan was $12,67712. What is the balance on the loan right after the 21st payment?
Multiple Choice
$3,640 35
$6,503 17
$4,193.65
$10,402.64
$19,180 29
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