Find i (he rate per period) and n (he number of periods) for the following loan at the given annual rate. semiannual payments of $3.900 are made for 14 years to repay a loan at 7% compounded semiannually.

tsuyakas1

tsuyakas1

Answered question

2022-09-07

Find i (he rate per period) and n (he number of periods) for the following loan at the given annual rate. semiannual payments of $3.900 are made for 14 years to repay a loan at 7% compounded semiannually.

Answer & Explanation

Dwayne Small

Dwayne Small

Beginner2022-09-08Added 12 answers

Solution:
Semiannual payment as mad for 14 years at a rate of 7%
rate per period = 7 2 = 3.5 % = 0.035
Total number of periods
= 14 × 2 = 28

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