When Albertina opened her law office, she bought $19,000 worth of law books and $6500 worth of turniture. She paid $170o0 down and agreed to amortize the balance with semiannual payments for 5 years at 12% 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 t been i n reduced b below s w $14,000 What is the amount of each payment? (Round to the nearest cent as needed.)
When Albertina opened her law office, she bought $19,000 worth of law books and $6500 worth of turniture. She paid $170o0 down and agreed to amortize the balance with semiannual payments for 5 years at 12% 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 t been i n reduced b below s w $14,000 What is the amount of each payment? (Round to the nearest cent as needed.)
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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Transcribed Image Text:When Albertina opened her law office, she bought $19,000 worth of law books and $6500 worth of furniture. She paid $1700 down and agreed to amortize the balance
with semiannual payments for 5 years at 12% 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 $14,000.
What is the amount of each payment?
(Round to the nearest cent as needed.)
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