math

posted by .

A debt of $6000 is to be amortized with 8 equal semiannual payments. If the interest rate is 5%, compounded semiannually, what is the size of each payment? (Round your answer to the nearest cent.)

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. math

    The problem describes a debt to be amortized. A man buys a house for $350,000. He makes a $150,000 down payment and amortizes the rest of the debt with semiannual payments over the next 12 years. The interest rate on the debt is 11%, …
  2. math

    adebt of $6000 is to be amortized with 8 equal semiannual payments. If the interest rate is 5%, compounded semiannually, what is the size of each payment
  3. math

    The problem describes a debt to be amortized. A man buys a house for $350,000. He makes a $150,000 down payment and amortizes the rest of the debt with semiannual payments over the next 12 years. The interest rate on the debt is 11%, …
  4. math

    Suppose payments were made at the end of each month into an ordinary annuity earning interest at the rate of 8%/year compounded monthly. If the future value of the annuity after 14 yr is $70,000, what was the size of each payment?
  5. math

    A $15,000 debt is to be amortized in 12 equal semiannual payments at 5.5% interest per half-year on the unpaid balance. Construct an amortization table to determine the unpaid balance after two payments have been made. Round values …
  6. math

    The Sandersons are planning to refinance their home. The outstanding principal on their original loan is $100,000 and was to amortized in 240 equal monthly installments at an interest rate of 11%/year compounded monthly. The new loan …
  7. math

    The Sandersons are planning to refinance their home. The outstanding principal on their original loan is $110,000 and was to amortized in 240 equal monthly installments at an interest rate of 11%/year compounded monthly. The new loan …
  8. Finite Math

    The Sandersons are planning to refinance their home. The outstanding principal on their original loan is $110,000 and was to amortized in 240 equal monthly installments at an interest rate of 11%/year compounded monthly. The new loan …
  9. math

    Suppose payments were made at the end of each month into an ordinary annuity earning interest at the rate of 3.5%/year compounded monthly. If the future value of the annuity after 12 years is $50,000, what was the size of each payment?
  10. Math

    A man buys a house for $310,000. He makes a $150,000 down payment and amortizes the rest of the debt with semiannual payments over the next 8 years. The interest rate on the debt is 11%, compounded semiannually. (a) Find the size of …

More Similar Questions