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