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Math Help - Loan payment

  1. #1
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    Loan 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

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  2. #2
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    the question says that the payments are equal, so yes.

    (provided that payments are to be made in arrear. )
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  3. #3
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    Quote Originally Posted by petedam View Post
    PMT = 3,070.50
    is the last payment(20th) the same as the PMT?
    WHY are you asking that? Isn't it obvious?
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  4. #4
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    you know how sometimes when things are so obvious you tend to have doubts....so that's why?
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