To finance the development of a new product, a company borrowed $28,000 at 3% compounded monthly. If
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To finance the development of a new product, a company borrowed $28,000 at 3% compounded monthly. If the loan is to be repaid in equal semi-annually payments over ten years and the first payment is due six months after the date of the loan, what is the size of the semi-annual payment? The size of the semi-annual payment is $ __ ( Round the final answer to the nearest cent as needed. Round all intermediate values to sec decimal places as needed).
Related Book For
Contemporary Business Mathematics with Canadian Applications
ISBN: 978-0133052312
10th edition
Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs
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