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A Debt of $8,800 Is to Be Amortized with 8

Question 81

Multiple Choice

A debt of $8,800 is to be amortized with 8 equal semiannual payments of $1,417.12. If the annual interest rate is 12% compounded semiannually, find the unpaid balance immediately after the 5th payment. Round your answer to the nearest cent. ​


A) $227.28
B) $3,787.98
C) $140,155.21
D) $6,968.44
E) $9,638.81

Correct Answer:

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