Question: Annette borrows $ 6 , 0 0 0 at an annual nominal rate of 8 % convertible semiannually and will repay the loan with decreasing

Annette borrows $6,000 at an annual nominal rate of 8% convertible semiannually and will repay the loan with decreasing payments every six months for 10 years.Her first payment will be P at the end of six months and each subsequent payment will be $25 less than the preceding payment.Annette makes the scheduled payments during years 1 and 2, however, she is unable to make the payments during years 3 and 4.She makes the originally scheduled payments in years 5-10.How much does Annette owe on the loan at the end of year 10?A2.200B3.000C3.300D3,500E5.000

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