You can buy a piece of equipment for $8600. The equipment is expected to last for 9 years and you want to have it completely paid off 3.5 years before it becomes unusable. Current loan rates are 9.5% compounded annually. What is the size of your semi-annual payment?

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The Answer of You can buy a piece of equipment for $8600. The equipment is expected to last for 9 years and you want to have it completely paid off 3.5 years before it becomes unusable. Current loan rates are 9.5% compounded annually. What is the size of your semi-annual payment?

You Can Buy a Piece of Equipment for $8600