A small business borrowed $80,000 for 8 years at an annual rate of 12%, compounded semiannually, in order to update some equipment. Find the payoff amount just after the company makes the 10th semiannual payment of $7,916.17. Round your answer to the nearest cent.
A)$117,523.61
B)$108,964.74
C)$95,323.21
D)$73,580.67
E)$38,926.38

Question

A small business borrowed $80,000 for 8 years at an annual rate of 12%, compounded semiannually, in order to update some equipment. Find the payoff amount just after the company makes the 10th semiannual payment of $7,916.17. Round your answer to the nearest cent. ​
A)$117,523.61
B)$108,964.74
C)$95,323.21
D)$73,580.67
E)$38,926.38

Quizplus · Accepted Answer

The Answer of A small business borrowed $80,000 for 8 years at an annual rate of 12%, compounded semiannually, in order to update some equipment. Find the payoff amount just after the company makes the 10th semiannual payment of $7,916.17. Round your answer to the nearest cent. ​
A)$117,523.61
B)$108,964.74
C)$95,323.21
D)$73,580.67
E)$38,926.38

A Small Business Borrowed $80,000 for 8 Years at an Annual