Miller Borrows $300,000 to Be Paid Off in Three Years

question 47

Multiple Choice

Miller borrows $300,000 to be paid off in three years.The loan payments are semiannual with the first payment due in six months,and interest is at 6%.What is the amount of each payment?

• A)$55,379.
• B)$106,059.
• C)$30,138.
• D)$60,276.

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