Jason Has a Loan That Requires a Single Payment of $4,000

question 44

Multiple Choice

Jason has a loan that requires a single payment of $4,000 at the end of 3 years. The loan's interest rate is 6%, compounded semiannually. How much did Jason borrow? (^{PV of $1}, ^{FV of $1}, ^{PVA of $1}, and ^{FVA of $1}) (Use appropriate factor(s) from the tables provided.)

• A) $4,000.00
• B) $4,776.40
• C) $3,358.40
• D) $3,660.40
• E) $3,350.00

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