Lola is purchasing property worth $1,060,000 with a down payment of $212,000 and quarterly payments at the end of every three months for 30 years. If the interest rate of 2.07% compounded semi-annually for the 30 years: (a) What is the amount of each payment?

Answer rating: 100% (QA)

To calculate the amount of each payment we can use the formula for the present value of an ordinar... View the full answer