Answered

Westonci.ca offers quick and accurate answers to your questions. Join our community and get the insights you need today. Explore thousands of questions and answers from a knowledgeable community of experts ready to help you find solutions. Get detailed and accurate answers to your questions from a dedicated community of experts on our Q&A platform.

Using technology, determine the semi-annual payment on a 3 year loan of $8,561 at 9. 1% compounded semi-annually. Round your answer to the nearest cent. A. $1,662. 47 c. $1,925. 92 b. $1,914. 11 d. $1,991. 12.

Sagot :

shubhamchouhanvrVT

The semi-annual payment is $1662.47

What will be the semi annual payment?

Given : A 3 year loan of $8,561 at 9.1% compounded semi-annually.

We have to determine the semi annual payment.

We know,

[tex]P=\dfrac{PV.r}{1-(1+r)^{-n}}[/tex]

Where PV is present value of loan.

r is rate of interest

n is time period.

Given loan is calculated semi annually,

So PV = $ 8561

r=9.1 % =9.1/200

and time period is 3 years = 6 number of period as semi annually.

Thus, Substitute,

We get,

[tex]P=\dfrac{8561(\dfrac{9.1}{200})}{1-(1+\dfrac{9.1}{200})^{-6}}[/tex]

[tex]P=1662.47[/tex]

Hence the semi-annual payment is $1662.47

To know more about Amount follow

https://brainly.com/question/25109150

Thanks for stopping by. We are committed to providing the best answers for all your questions. See you again soon. Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. We're here to help at Westonci.ca. Keep visiting for the best answers to your questions.