You are considering taking out a loan of $8,000.00 that will be paid back over 10 years with every 2 months payments of $184.49. If the interest rate is 6.8% compounded every 2 months, what would the unpaid balance be immediately after the twelfth payment?
Added by James W.
Step 1
First, we need to find the number of payments over the 10-year period. Since payments are made every 2 months, there are 12/2 = 6 payments per year. So, over 10 years, there will be 6 * 10 = 60 payments. Show more…
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