question archive A loan of $5000 is paid off with payment of $532
A loan of $5000 is paid off with payment of $532
Subject:FinancePrice: Bought3
A loan of $5000 is paid off with payment of $532.76 made at the end of each six-month period for six years. The interest rate is 8% compounded semi-annually. Find the outstanding balance of the loan after the fourth payment has been made.
