Question: Given the following data about your borrowing: received a loan of $22,000 for a period of 24 months at interest rate of 5.2% compounded semiannually

Given the following data about your borrowing:

  • received a loan of $22,000
  • for a period of 24 months
  • at interest rate of 5.2% compounded semiannually

How much interest is charged on the loan?

Multiple Choice

  • $2,387.79

  • $2,478.79

  • $2,758.79

  • $2,878.79

  • $2,378.79

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