A loan is to be repaid with level installments payable at the end of each half-year for 8 years, at a nominal rate of in
Posted: Mon Nov 15, 2021 5:18 pm
A loan is to be repaid with level installments payable at the end of each half-year for 8 years, at a nominal rate of interest of 7% convertible semi-annually. After 3 years, the outstanding loan balance is $2,494.98. Find the initial amount of the loan. Answer to the nearest cent. Number