SOLUTION: Langara Woodcraft borrowed money to purchase equipment. The loan is repaid by making payments of $924.37 at the end of every three months over seven years. If interest is 7.3% comp
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Question 1207415: Langara Woodcraft borrowed money to purchase equipment. The loan is repaid by making payments of $924.37 at the end of every three months over seven years. If interest is 7.3% compounded annually, what was the original loan balance?
Answer by ikleyn(52905) (Show Source): You can put this solution on YOUR website!
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Langara Woodcraft borrowed money to purchase equipment.
The loan is repaid by making payments of$924.37 at the end of every three months over seven years.
If interest is 7.3% compounded annually, what was the original loan balance?
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This scheme of paying the loan back is non-standard,
and from the problem, it is UNCLEAR how this scheme really works.
The necessary details are not presented/described in the problem clearly.
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