Use Table 12-2 from Your Text to Calculate the Amount

question 71

Short Answer

Use Table 12-2 from your text to calculate the amount of the periodic payment required to amortize (pay off) the loans, rounding to the nearest cent: $$\begin{array} { l l l l l l } \text { Loan } & \text { Payment } & \text { Term of } & \text { Nominal } & \text { Interest } & \text { Present Value } \\\underline{\text { Payment }} & \underline { \text { Period } } & \underline { \text { Loan } } & \underline { \text { Rate } } & \underline { \text { Compounded } } & \underline { \text { (Amount of Loan) } ) } \\& \text { every 6 months } &15\text { years } & 10 \% &\text { semiannually }& \$ 10,500\end{array}$$

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