SOLUTION: Find the present value of the ordinary annuity. Please round the answer to the nearest cent.$2,000 per semiannual period for 7 yr at 12%/year compounded semiannually

SOLUTION: Find the present value of the ordinary annuity. Please round the answer to the nearest cent.$2,000 per semiannual period for 7 yr at 12%/year compounded semiannually

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Question 697220: Find the present value of the ordinary annuity. Please round the answer to the nearest cent.$2,000 per semiannual period for 7 yr at 12%/year compounded semiannually
Answer by randyjoseph7(13) (Show Source): You can put this solution on YOUR website!
2000x.12%=$240
therefore $240 is the interest for 1 year
to find out for 7 years, multiply 240x7
which =$1,680
so overall, you will be paying $2000+$1,680=#3,680 for a 7 year loan
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