What Is the Payment Size of a Loan That Has

question 26

Multiple Choice

What is the payment size of a loan that has semi-annual payments and an interest rate of 5.52% compounded monthly? The loan principal is $1641.12 and the loan is for 48 months.

• A) $321.74
• B) $231.74
• C) $123.74
• D) $274.31
• E) $221.31

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Definitions:

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