Question:
The total amount paid on a 5 year loan was $16,000. If the
Last updated: 7/11/2022
![The total amount paid on a 5 year loan was $16,000. If the](https://media.kunduz.com/media/sug-question/raw/56772499-1657548585.7914488.jpeg?h=512)
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? Round your answer to the nearest dollar.