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A $10,000 loan is to be repaid with 7 equal half-yearly instalments, the first repayment being in 6 months from today. Interest is at 7%p.a. compounding half-yearly. Calculate the principal repaid in the
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A $10,000 loan is to be repaid with 7 equal half-yearly instalments, the first repayment being in

6 months from today. Interest is at 7%p.a. compounding half-yearly. Calculate the principal
repaid in the fourth instalment.
(use excel)​

User Ehsan Sajjad
by
6.4k points

1 Answer

6 votes

Answer: $1,415.47

Explanation:

see spreadsheet below

A $10,000 loan is to be repaid with 7 equal half-yearly instalments, the first repayment-example-1
User Ggariepy
by
7.0k points
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