A debt of $10,000 is to be repaid by equal Monthly payments at the end of every month for 1 year. Interest is 6% compounded Semi-Annually. What is the size of the payment? Question options:   $810.94   $851.72   $860.33   $856.10

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
ChapterM: Time Value Of Money Module
Section: Chapter Questions
Problem 8E: Cash Flow Amounts R. Lee Rouse borrows 10,000 that is to be repaid in 24 equal monthly installments...
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A debt of $10,000 is to be repaid by equal Monthly payments at the end of every month for 1 year. Interest is 6% compounded Semi-Annually. What is the size of the payment?

Question options:

 

$810.94

 

$851.72

 

$860.33

 

$856.10

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