How much money can a person afford to borrow

Reference no: EM13189229

How much money can a person afford to borrow at 8% interest compounded semiannually if the loan is to be repaid at half-year intervals for 10 years with $1000 payments per half-year?

Answer
A.
$11,409.67
B.
$12,387.04
C.
$13,590.33
D.
$82,421.48

Reference no: EM13189229

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