Question: I got $188107.87 and I'm not sure why that's wrong. A lender providing a loan of $4.5 million requires semi-annual payment of interest at a
I got $188107.87 and I'm not sure why that's wrong.
A lender providing a loan of $4.5 million requires semi-annual payment of interest at a nominal rate of 6% per year, and repayment of the $4.5 million principal at the end of 15 years. The borrower plans to accumulate that principal for repayment at the end of 15 years using level semi-annual deposits into a sinking fund that earns interest at a nominal rate of 4.5% per year when compounded semiannually. What is the borrower's total cash outlay every 6 months
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