Present and future value tables of $1 at 3% are presented below: 7087 1.0000 0.9

Question

Present and future value tables of $1 at 3% are presented below: 7087 1.0000 0.97 1 1.03000 10.9 2 1.06090 0.94260 2.0300 1.913472.0909 1.97087 3 1.09273 0.91514 3.09092.82861 3.1836 2.91347 4 1.12551 10.88849 4.1836 3.71710 4.3091 3.82861 5 1.159270.86261 5.3091 4.579715.4684 4.71710 6 1.19405 0.83748 6.4684 5.41719 6.66255.57971 7 11.22987 |0.81309 | 7.6625 | 6.23028 | 7.8923 | 6.41719 8 1.266770.78941 8.8923 7.019699.1591 7.23028 9 1.30477 0.76642 10.1597.78611 10.46398.01969 10 1.34392 0.74409 11.46398.53020 11.8078 8.78611 11 1.384230.72242 12.8078 9.2526213.1920 9.53020 12 1.42576 0.70138 14.1920 9.95400 14.6178 10.25262 13 1.46853 0.68095 15.6178 10.63496 16.086310.95400 14 1.512590.66112 17.086311.29607 17.5989 11.63496 15 1.55797 0.64186 18.5989 11.93794 19.1569 12.29607 16 1.604710.62317 20.1569 12.56110 20.7616 12.93794 7087 1.0300 1.00000 Rosie's Florist borrows $320,000 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?

Explanation / Answer

Amount of each payment = 320000/5.41719= $59071.22 or $59071

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