A $60,000 Loan at 12% Compounded Semi-Annually Is to Be

question 90

Multiple Choice

A $60,000 loan at 12% compounded semi-annually is to be repaid by monthly payments of $1,000.
-How much will the principal be reduced by payments 13 to 24 inclusive?

• A) $5,978.87
• B) $6,021.13
• C) $11,147.84
• D) $6,101.66
• E) $5,898.34

---

Definitions:

Navigation Pane

A feature in various software applications that allows users to easily browse through sections or features available within the application.

Query Design View

A feature in database software that provides a visual interface for designing and modifying queries, allowing users to specify criteria and join tables without writing SQL code.

Field Selector

A tool or feature that allows users to choose which fields or columns of data to display or operate on.

Query Design View

A graphical interface in database software that allows users to create queries by visually assembling them.