Question 1131501: A loan at 14% interest compounded semi-annually must be repaid with one single payment of $1800 in 3 years. How much was the loan? Answer by greenestamps(13200) (Show Source):
14% annual interest compounded semi-annually for 3 years means 7% interest on the original amount compounded 6 times. So if the amount of the loan was x,
Use your calculator; it will give the same answer as mine.
