Question

Justine purchased computer software for $5,200. With a down payment of $1000 finance the balance at 12% for 6 years. Find the semiannual payments.

Answer 1

Answer:

662$

Step-by-step explanation:

Total payment= 5200 + (12%×5200$×6)=8944$

remaining payment= 8944-1000 = 7944$

To get semi annual payment:

6 years×2 = 12 installments

semi annual payment= remaining/no. of installments=7944÷12= 662$