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majarm majarm
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6 years ago
You can buy a piece of equipment for $8600. The equipment is expected to last for 9 years and you want to have it completely paid off 3.5 years before it becomes unusable. Current loan rates are 9.5% compounded annually. What is the size of your semi-annual payment?
A) $1515.98
B) $1105.98
C) $1055.98
D) $1015.98
E) $1115.98
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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