Semi-Annual Payments of $5,000 Are to Be Made on a $70,000

Multiple Choice

Semi-annual payments of $5,000 are to be made on a $70,000 loan at 14% compounded semi-annually. A smaller, final payment will be made at the end of the amortization period. What will be the size of the final payment?

A) $2,977
B) $4,125
C) $3,130
D) $4,990
E) $3,855