What amount will the proprietors of the inn be required to p

Reference no: EM13317950

The propietors of the coachman inn secured two loans from union bank. on for $8000 due in 3 yrs and one for 15,000 due in 6 yrs, both at an interest rate of 10% yrly compounded semiannually. the bank has agreed to allow the two loands to be consolidated into one loan payable in 5 yrs at the same interest rate. What Amount will the proprietors of the inn be required to pay the bank at the end of 5yrs. Hint find the present value of the 1st two loans.

Reference no: EM13317950

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