Find outstanding balance of loan after fourth payment made
Problem
A loan of $5000 is paid off with payment of $532.76 made at the end of each six-month period for six years. The interest rate is 8% compounded semi-annually. Find the outstanding balance of the loan after the fourth payment has been made.
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The interest rate is 8% compounded semi-annually. Find the outstanding balance of the loan after the fourth payment has been made.
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