Solved: Loan consolidation the proprietors of the coachmen inn, Mathematics

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Loan consolidation the proprietors of the coachmen inn

Question: LOAN CONSOLIDATION The proprietors of The Coachmen Inn secured two loans from Union Bank: one for $8000 due in 3 yr and one for $15,000 due in 6 yr, both at an interest rate of 10%/year compounded semiannually. The bank has agreed to allow the two loans to be consolidated into one loan payable in 5 yr at the same interest rate. What amount will the proprietors of the inn be required to pay the bank at the end of 5 yr?

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Mathematics: Loan consolidation the proprietors of the coachmen inn

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