A Woman Buys an Apartment House for $1,250,000 by Making

question 14

Multiple Choice

A woman buys an apartment house for $1,250,000 by making a down payment of $325,000 and amortizing the rest of the debt with semiannual payments over the next 11 years. The annual interest rate on the debt is 8%, compounded semiannually. Find the size of each payment. Round your answer to the nearest cent. ​

• A)$925,014.45
• B)$64,008.90
• C)$924,985.55
• D)$6,683,640.84
• E)$4,455,760.56

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Definitions:

Light-Sensitive Film

A type of photographic film that reacts chemically to light exposure, capturing images based on the intensity and quality of light.

Pupil

The opening in the center of the iris of the eye through which light enters the eye.

Eyespots

Pigmented organelles found in certain algae and unicellular organisms that allow them to sense light direction and intensity, aiding in phototaxis.

Light Source

An object that emits light, providing illumination for various applications, ranging from domestic lighting to scientific research.