To finance the development of a new product, a company borrowed $36.000 at 9% compounded monthly. If the loan is to be repaid in equal semi-annually payments over seven years and the first payment is due six months after the date of the loan, what is the size of the semi-annual payment? The size of the semi-annual payment is $ (Round the final answer to the nearest cent as needed Round all intermediate values to six decimal places as needed)

To finance the development of a new product, a company borrowed $36.000 at 9% compounded monthly. If the loan is to be repaid in equal semi-annually payments over seven years and the first payment is due six months after the date of the loan, what is the size of the semi-annual payment? The size of the semi-annual payment is $ (Round the final answer to the nearest cent as needed Round all intermediate values to six decimal places as needed)

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section4.17: Amortized Loans

Problem 1ST

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