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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

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