document.write( "Question 1195218: In return for a loan, with money worth 7% compounded semiannually, a man promises to pay $600 at the end of each 6 months for 8 years. (c)just before his 9th payment. \n" ); document.write( "

Algebra.Com's Answer #829455 by Theo(13342) $\"\"$ $\"About$

You can put this solution on YOUR website!
here's my excel spreadsheet.
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\n" ); document.write( "your solution is that the remaining balance just after the 9th payment is equal to $3,668.73.
\n" ); document.write( "you first needed to find the present value of the loan for 600 dollar payment at the end of each semi-annual period for 16 semi-annual periods.
\n" ); document.write( "that present value = 7256.47 was the amount of the loan.
\n" ); document.write( "the interest rate used was 7% / 2 = 3.5% per semi-annual time period.
\n" ); document.write( "here are the results from the calculator at
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\n" ); document.write( "inputs are everything except pv.
\n" ); document.write( "output is pv.
\n" ); document.write( "you can see that at the end of the 9th semi-annual time period, the remaining balance was $4,268.73 before the payment was made.
\n" ); document.write( "that's your solution.\r
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