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Find the Payment Necessary to Amortize the Loan Using the Amortization

question 88

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Find the payment necessary to amortize the loan using the amortization table. Round to the nearest cent. Find the payment necessary to amortize the loan using the amortization table. Round to the nearest cent.   -$32,000, 8% compounded semiannually, 20 semiannual payments A) $2,280.96 B) $2,354.56 C) $2,436.44 D) $878.89
-$32,000, 8% compounded semiannually, 20 semiannual payments


Definitions:

Future Value

An asset or cash's future worth that is equal to a designated sum in the present day.

Savings Plan

A strategic approach to setting aside a portion of one's income for future use or emergencies.

Compounded Monthly

Interest on an investment or loan is calculated and added to the principal amount on a monthly basis.

RRSP

Registered Retirement Savings Plan, a Canadian investment vehicle for individuals to save for retirement on a tax-sheltered basis.

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