Please pleaser pelease please help me. Math question?

Ann get two loans from union bank, one for $8000 due in 3 years, one for $15000 due in 6 years, both at an interest rate of 10% compounded semiannually. the bank has agreed to allow the two loans to be consolidated into one loan payable in 5 years at the same interest rate. what amount will the proprietors of the Ann be required to pay the bank at the end of 5 years

I just know the final answer is 23,329.48 but i dont know how to solve

Please pleaser pelease please help me. Math question?cash loan

The answer given by you can not be correct because the interest portion, ie. 23329.48 -23000 = 329.48 amounts to only 0.143 % whereas 10 % simple amounts to $11500/-Here, the interest is compounded semi annually.Hence the working would be

Principal Interest Amount due

$ $ $

6 months 23,000.00 1150.00 24150.00

one year 24150 .00 1207.50 25357.50

18 months 25357.50 1267.88 26625.38

two years 26625.38 1331.27 27956.65

30 months 27956.65 1397.83 29354.48

3 years 29354.48 1467.72 30822.20

42 months 30822.20 1541.11 32363.31

4 years 32363.31 1618.17 33981.48

54 months 33981.48 1699.07 35680.55

5 years 35680.55 1784.03 37464.58

Here you can see that I have worked out 5% of the principal as interest (10% per annum means 5% semi annual) and added it to the principal half yearly. Hence at the end of five years, Ann owes the Union Bank $ 37464.58.

Is it clear? There is a direct formula avilable, but I do not know your grade. This method is more revealing..

Hope you have understood.With the best wishes.

Please pleaser pelease please help me. Math question?

loan

Are you saying that this is now a loan of $23,000 for 5 years @10% compounded semi-annually, with no interest due until the end of the term?

If so, 23000 * (1.05)^10 = $37,464.58 is due in five years. This is not your amount so please clarify the new loan terms.