On July 1, 2009, Roseland Inc

Multiple Choice

On July 1, 2009, Roseland Inc. purchased land for a new manufacturing facility at a price of $750,000. However, the seller is financing the transaction and equal quarterly payments will be made starting today, July 1, 2009. The last semi-annual payment will be made on December 31, 2028. The applicable interest rate is 8%. How much is each semi-annual payment?

A) $35,365
B) $36,435
C) $37,893
D) None of the above