A loan,A,is repaid with semi-annual payments of $1000.The first payment is due May 26,2007 and the last payment is due May 26,2012.If the interest rate on the loan is j2 = 7% and the loan was taken out on November 26,2006,what is A?
A) $8316.61
B) $8607.69
C) $9001.55
D) $9316.61
Correct Answer:
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