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What was the balance of the loan at end of the first year

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Question - A design studio received a loan of $9,950 at 3.70% compounded semi-annually to purchase a camera and settled the loan in 2 years by making quarterly payments.

a. What was the size of the payments?

$1,349.51

$1,157.08

$1,474.26

$1,295.83

b. What was the interest portion on the first payment?

$91.62

$184.08

$0.84

$1.69

c. What was the balance of the loan at end of the first year?

$5,378.05

$5,066.21

-$3,911.13

$9,949.98

d. What was the interest portion on the last payment?

$23.75

$91.62

$11.82

$90.78

Reference no: EM132607578

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