When Albertina opened her law office, she bought $13,000 worth of law books and S6800 worth of furmiture. She paid S1100 down and agreed to amortize the balance with semiannual payments for 6 years at 11% compounded semiannually. Find the amount of each payment. Then use the formula for the remaining balance to find the number of remaining payments when the loan has been reduced below $8000. What is the amount of each payment? (Round to the nearest cent as needed.)

When Albertina opened her law office, she bought $13,000 worth of law books and S6800 worth of furmiture. She paid S1100 down and agreed to amortize the balance with semiannual payments for 6 years at 11% compounded semiannually. Find the amount of each payment. Then use the formula for the remaining balance to find the number of remaining payments when the loan has been reduced below $8000. What is the amount of each payment? (Round to the nearest cent as needed.)

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 25PROB

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