SOLUTION: A debt of $8000 is to be amortized with 6 equal semiannual payments. If the interest rate is 11%, compounded semiannually, what is the size of each payment? (Round your answer to t
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Question 1088627: A debt of $8000 is to be amortized with 6 equal semiannual payments. If the interest rate is 11%, compounded semiannually, what is the size of each payment? (Round your answer to the nearest cent.)
Thank you, having trouble with this one. Answer by Fombitz(32388) (Show Source):
You can put this solution on YOUR website! Since it's compounded semi-annually and paid semi-annually, you can treat it as a straight 12 payment mortgage schedule with a 5.5% interest.
