Math
When Teresa opened her law office, she bought 14000 worth of books and 7200 dollars worth of office furniture. She paid $1200 down and agreed to amortize the balance with semiannual payments for 5 years at 12% compounded semiannually. Find the ammount of each payment.
After 30 months flora received a large tax refund and decided to pay off the loan. What is the remaining balance on her loan?
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Answers
The total amount of each payment would be $2174.28. After 30 months, the remaining balance on her loan would be $6,299.11. This is because the payments Teresa has been making have been lowering the balance of the loan over time. The tax refund she received allowed her to pay off the remaining balance of the loan in one payment.
