William's student loan of $24,500 at 3.22% compounded quarterly was amortized over 6 years with payments made at the end of every month. What was the principal balance on the loan after 5 years? Round to the nearest cent O a. 4417.36 O b. 4427.55 c. O c. 3933.46 O d. 3989.20

William's student loan of $24,500 at 3.22% compounded quarterly was amortized over 6 years with payments made at the end of every month. What was the principal balance on the loan after 5 years? Round to the nearest cent O a. 4417.36 O b. 4427.55 c. O c. 3933.46 O d. 3989.20

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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William's student loan of $24,500 at 3.22% compounded
quarterly was amortized over 6 years with payments made at
the end of every month. What was the principal balance on
the loan after 5 years? Round to the nearest cent
O a.
4417.36
O b. 4427.55
O c.
3933.46
O d. 3989.20

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