SOLUTION: If your company borrows $300,000 at 8% interest and agrees to repay the loan in 10 equal semiannual payments to include principal plus interest, how much would those payments be?

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Question 1052051: If your company borrows $300,000 at 8% interest and agrees to repay the loan in 10 equal semiannual payments to include principal plus interest, how much would those payments be?
Answer = $36897
Answer by jorel555(1290) About Me  (Show Source):
You can put this solution on YOUR website!
Since the payments are semi-annual, you would be paying 8%/2=4% interest each time, so:
$300000/10=$30000;
$30000 x 1.04(principal plus interest)=$31200 per payment. ☺☺☺☺