What is the size of the final payment of money is borrowed at 6% Compounded semi annually?

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter7: Using Consumer Loans
Section: Chapter Questions
Problem 6FPE
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A $42,000 loan is repay with semi annual payment of $5000. What is the size of the final payment of money is borrowed at 6%

Compounded semi annually?

 

 

A. $4125.09

B. 4227.79

C. 4004.94

D 4114.35

E 3090.00

 

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