Question: A $33,950 loan at 10.6% compounded semiannually is to be paid off by a series of $4,000 payments that will be made at the end

A $33,950 loan at 10.6% compounded semiannually is to be paid off by a series of $4,000 payments that will be made at the end of every six months. How much of the 10thpayment will be credited towards reduction of the principal?

A. $477

B. $497

C. $713

D. $1,005

E. $1,193

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