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Rosie's Florist borrows $300,000 to be paid off in six years. The loan payments are semiannual with the first payment due in six months, and interest is at 6%. What is the amount of each payment

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hamzatauseef

Answer:

$34000

Explanation:

This can be calculated as follows. Assuming Interest rate is annual.

Principal amount + Interest amount = Total payable amount per payment

Principal amount = $300,000/6 years = $50,000 annually or $25000 semi-annually

Interest amount = $300,000 * 0.06 = $18000 annually or $9000 semi-annually

Total Payable = $25,000 + $9000 = $34,000 per payment semi-annually.

Hope that helps.

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