A $60,000 Loan at 12% Compounded Semi-Annually Is to Be

Multiple Choice

A $60,000 loan at 12% compounded semi-annually is to be repaid by monthly payments of $1,000.
-The vendor of a property agrees to take back a $60,000 mortgage at a rate of 8% compounded semi-annually with monthly payments of $500 for a three-year term. Calculate the market value of the mortgage if financial institutions are charging 10% compounded semi-annually on three-year-term mortgages.

A) $41,557.55
B) $57,098.85
C) $60,000.00
D) $53,936.60
E) $59,111.11