What is the outstanding balance after the 23rd payment interval of a 16-year loan for $14 734 with semi-annual payments and an interest rate of 5.95% compounded quarterly?

Question

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The outstanding balance can be calculated using the formula for the remaining balance of an amortizing loan. Given the semi-annual payments and quarterly compounding, the effective interest rate per period and the number of periods need to be adjusted accordingly. After calculating, the outstanding balance after the 23rd payment is approximately $5625.21.

What Is the Outstanding Balance After the 23rd Payment Interval