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Joshua received a loan of $8,000 at 6.02% compounded semi-annually from a credit union to use as working capital for his business. He had to make semi-annual payments for a period of 5 years to settle the loan. a. Calculate the size of his payments. Round to the nearest cent b. What was the total interest paid during the period? Round to the nearest cent 8

Joshua received a loan of $8,000 at 6.02% compounded semi-annually from a credit union to use as working capital for his business. He had to make semi-annual payments for a period of 5 years to settle the loan. a. Calculate the size of his payments. Round to the nearest cent b. What was the total interest paid during the period? Round to the nearest cent 8

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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c. What was the interest portion of payment number 3? Round to the nearest cent
Transcribed Image Text:c. What was the interest portion of payment number 3? Round to the nearest cent
Joshua received a loan of $8,000 at 6.02% compounded semi-annually from a credit union to use as working capital for his business. He had to make semi-annual payments for a period of 5 years to settle the loan. a. Calculate the size of his payments. Round to the nearest cent b. What was the total interest paid during the period? Round to the nearest cent
Transcribed Image Text:Joshua received a loan of $8,000 at 6.02% compounded semi-annually from a credit union to use as working capital for his business. He had to make semi-annual payments for a period of 5 years to settle the loan. a. Calculate the size of his payments. Round to the nearest cent b. What was the total interest paid during the period? Round to the nearest cent
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