A $33,950 loan at 10.6% compounded semiannually is to be paid off by a series of $4,000 payments that will be made at the end of every six months. How much of the 10 th payment will be credited...


A $33,950 loan at 10.6% compounded semiannually is to be paid off by a series of $4,000 payments that will be made at the end of every six months. How much of the 10th payment will be credited towards reduction of the principal?



A. $477


B. $497


C. $713


D. $1,005


E. $1,193



Jun 08, 2022
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