Essay
A variable rate demand loan showed an initial balance of $20 000.00, payments of $5000.00 after six months, $10000.00 after one year, and a final payment after two years. Interest was 6% compounded semi-annually for the first year and 12% compounded monthly for the remaining time. How much was the size of the final payment?
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Balance after 6 months:
PV = 20000.00; m...View Answer
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Correct Answer:
Verified
PV = 20000.00; m...
View Answer
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