You must pay for the remainder of the loan

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Reference no: EM131819928

You receive a loan for $13,462 where the APR is 7.6%, compounded monthly. You make a payment of $743.20 on this loan every 6 months (i.e., 2 payments per year), which will enable you pay off the loan in eactly 14 years. Immediately after making your regular payment at the end of 9 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: EM131819928

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