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What should be your semiannual payment

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Reference no: EM133102260

Question - You plan to take a ten-year loan for $100,000. You wish to repay the loan in semi-annaul equal installments. The bank charges a rate of 6% APR compounded monthly on your loan.

a. What should be your semiannual payment?

b. Repeat part (a) assuming that you will pay the loan in annual installments.

c. Compare your two answers. Why isn't it the case that your answer in part (a) is simply half of your answer in part (b)?

Reference no: EM133102260

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