What is the outstanding balance after the 23rd payment interval of a 16-year loan of $14,734...

What is the outstanding balance after the 23rd payment interval of a 16-year loan of $14,734 with semi-annual payments and an interest rate of 6.0% compounded semi-annually?

Expert Solution

Let, the semi anual payment is $500

Hence, the amortization shedule of the loan be

The outstanding payment after the 23 payment interval will be $12859.19

jeff jeffy answered 1 year ago

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