A $37,000 loan at 10.8% compounded semiannually is to be repaid by equal semi-annual payments over ten (10) years. Do not prepare an amortization table.

PMT = 3,070.50

is the last payment(20th) the same as the PMT?

thanks

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- August 10th 2010, 07:52 AMpetedamLoan payment
A $37,000 loan at 10.8% compounded semiannually is to be repaid by equal semi-annual payments over ten (10) years. Do not prepare an amortization table.

PMT = 3,070.50

is the last payment(20th) the same as the PMT?

thanks

- August 10th 2010, 02:03 PMSpringFan25
the question says that the payments are equal, so yes.

(provided that payments are to be made in arrear. ) - August 10th 2010, 05:19 PMWilmer
- August 10th 2010, 05:21 PMpetedam
you know how sometimes when things are so obvious you tend to have doubts....so that's why? :)