Question 1192972
best to use a calculator unless you are forced to use formulas.
i have formulas if you need them.
just let me know.


calculator i normally use is found at <a href = "https://arachnoid.com/finance/index.html" target = "_blank">https://arachnoid.com/finance/index.html</a>


results from using this calculator are shown below.
inputs are everything except pv (present value)
first one is with payments at end of each semi-annual period.
second one is with payments are the beginning of each semi-annual period.


<img src = "http://theo.x10hosting.com/2022/041011.jpg" >


<img src = "http://theo.x10hosting.com/2022/041012.jpg" >


number of periods is 8 years * 2 semi-annual periods per year = 16 semi-annual periods.


interest rate is 3% / 2 semiannual periods per year = 1.5% per semi-annual period.