Find the Payment Necessary to Amortize the Loan Using the Amortization

question 58

Multiple Choice

Find the payment necessary to amortize the loan using the amortization table. Round to the nearest cent.
-The Meyers bought a Sandwich City franchise for $500,000. They paid $100,000 of their own money and borrowed the rest, agreeing to make semiannual payments over 8 years at 8% (compounded semiannually) .

• A)$34,328.00
• B)$65,694.92
• C)$60,570.50
• D)$42,910.00

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