Answered: 6. What size monthly payments should…

6. What size monthly payments should occur when $10,000 is borrowed at 6% per year compounded semiannually and the loan is repaid with 24 equal monthly payments?

Engineering Fundamentals: An Introduction to Engineering (MindTap Course List)

5th Edition

ISBN:9781305084766

Author:Saeed Moaveni

Publisher:Saeed Moaveni

Chapter20: Engineering Economics

Section: Chapter Questions

Problem 26P

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Concept explainers

Site Plan Requirements

A site plan (also known as a plot plan) is a diagram or process to show the proposed improvements on an existing property. A site plan is important, as it provides information regarding the landscape features of a given plot of land. Zoning is done or can be understood with the help of a site plan.

Question

Please answer ASAP

6.
What size monthly payments should occur when $10,000 is borrowed at 6% per year compounded semiannually and the loan is repaid with 24
equal monthly payments?

Expert Solution

Step 1

Considering A be semi annual payment.

There will be 4 semi annual payments.

we will divide semiannual by 6 to get monthly payment.

Step by step

Solved in 2 steps with 1 images

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