Aaron's student loan of $24,500 at 3.32% compounded quarterly was amortized over 5years with payments made at the end of every month. What was the principal balanceon the loan after 4 years?Round to the nearest centOD$0.00(0LAfSUBMIT QUESTIONSAVE PROGRESS↑SUBM

Loan Amount is $24,500 Interest rate is 3.32% compounded quarterly Time period of loan is 5 years…

Answered: Aaron's student loan of $24,500 at…

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section4.17: Amortized Loans

Problem 1ST

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Aaron's student loan of $24,500 at 3.32% compounded quarterly was amortized over 5 years with payments made at the end of every month. What was the principal balance on the loan after 4 years? $0.00 Round to the nearest cent