What is the solution?
2 answers:
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Answer:
$21,623.70
Step-by-step explanation:
A suitable financial calculator can compute the beginning balance and the remaining balance for you. The attachments show a TI-Nspire calculator's TVM solver app being used to answer this question.
The first attachment shows the computation of the loan value. It is about $37,624.54.
The second attachment shows the computation of the remaining balance after 16 of the 32 semi-annual payments have been made.
The loan balance 8 years from the end of the loan will be about $21,623.70.
