Problema 5-year car loan for 50000 with equal semi-annual, Ask an Expert

Accounting

Problem:

A 5-year car loan for $50,000 with equal semi-annual payments. The loan requires no payments in the first year, i.e., the first payment is in 18 months, but interest continues to accrue during this period. The last payment is in 5 years.

Required:

Question: If the APR on the loan is 8% (semi-annual compounding), what are the payments?

Note: Show all workings.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91171767

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