Home /
Answered Questions /
Other /
calculate-compound-interest-question-the-total-amount-paid-on-a-5-year-loan-was-16-000-if-the-intere-aw243

# (Solved): . Calculate Compound Interest Question The Total Amount Paid On A 5 Year Loan Was $16,000. If The In...

.

Calculate compound interest

Question

The total amount paid on a 5 year loan was $16,000. If the interest rate was 7% and compounded semi-annually, what was the principal? Assume payments are monthly.

Select the correct answer below:

$795.76

$11,342.70

$13,923.24

$22,569.58

$8,328.79

$15,458.94

We have an Answer from Expert
View Expert Answer