Semi-annual payments of $5,000 are to be made on a $70,000 loan at 14% compounded semi-annually. A smaller, final payment will be made at the end of the amortization period. What will be the size of the final payment?
A) $2,977
B) $4,125
C) $3,130
D) $4,990
E) $3,855
Correct Answer:
Verified
Q52: The Davidson's have a lump sum amount
Q53: The Robinson family is considering purchasing a
Q54: Gloria purchased a $45,000 vehicle by financing
Q55: The Globerman family purchased a $580,000 home
Q56: Crystal is considering purchasing a condo that
Q58: Equipment valued at $94,000 was purchased and
Q59: A home improvement loan is to be
Q60: The Zhao family purchased a $670,000 home
Q61: A mortgage contract for $145,000 written 10
Q62: $10,000 is to be repaid quarterly monthly
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents