You borrow $150,000 today (t=0) at 14% APR with quarterly compounding. You make equal semi-annual payments back to the lender starting 6 months from now (t=1), up to and including 10 years from now. What is the size of each of your semi-annual payments?

Answer rating: 100% (QA)

To solve this problem we need to use the formula for equal periodic payments to pay off a lo... View the full answer