On January 1, Yumati Electric Borrows $200,000 at an Interest

Multiple Choice

On January 1, Yumati Electric borrows $200,000 at an interest rate of 6% today and will repay this amount by making 18 semiannual payments beginning May 31. What is the approximate amount of each payments that Yumati will need to make? (Use spreadsheet software or a financial calculator to calculate your answer. Do not round any intermediary calculations, and round your final answer to the nearest dollar.)

A) $12,000
B) $11,111
C) $14,542
D) $18,471