You are taking a $5,519 loan. You will pay it back in four equal amounts, paid every 6 months, with the first payment occurring 5 years from now (the payments begin after 5 years). The annual interest rate is 11% compounded semiannually. Calculate the amount of each semiannual payment.
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Home » Business » You are taking a $5,519 loan. You will pay it back in four equal amounts, paid every 6 months, with the first payment occurring 5 years from now (the payments begin after 5 years). The annual interest rate is 11% compounded semiannually.