Multiple Choice
A $60,000 loan at 12% compounded semi-annually is to be repaid by monthly payments of $1,000.
-How much will the principal be reduced by payments 13 to 24 inclusive?
A) $5,978.87
B) $6,021.13
C) $11,147.84
D) $6,101.66
E) $5,898.34
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q85: The Switzers are nearing the end of
Q86: A $13,000 loan is to be amortized
Q87: Metro Construction received $60,000 in vendor financing
Q88: A mortgage loan of $102,542 at 6%
Q89: A $425,000 mortgage with a 3-year term
Q91: A $60,000 loan at 12% compounded
Q92: Calculate the monthly payment for a $325,000
Q93: How much principal will be repaid by
Q94: A mortgage contract for $145,000 written 10
Q95: A mortgage loan of $132,000 at 6%