You currently owe $2,500. If the bank charges 16.44% compounded semiannually and you want to pay...
You currently owe $2,500. If the bank charges 16.44% compounded semiannually and you want to pay off your debt in 3 years, how much must you pay every six months?
Homework Answers
This question requires application of PV of an annuity, according to which
PV =
For this question,
r = 16.44%/2 = 8.22% (semi-annually), n = 3 * 2 = 6 semi-annual periods
2500 = P * 4.5922
P = $544.40
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