Compute the amount you must pay for the remainder of loan

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Reference no: EM131952969

"You receive a loan for $12,821 where the APR is 7.6%, compounded monthly. You make a payment of $1089.02 on this loan every 6 months (i.e., 2 payments per year), which will enable you pay off the loan in eactly 8 years. Immediately after making your regular payment at the end of 2 years, you desire to pay the remainder of the loan in a single payment. Compute the amount you must pay for the remainder of the loan."

Reference no: EM131952969

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