A small business borrowed $70,000 for 12 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 12th semiannual payment of $5,577.53. Round your answer to the nearest cent.

Question

A small business borrowed $70,000 for 12 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 12th semiannual payment of $5,577.53. Round your answer to the nearest cent. ​

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The Answer of A small business borrowed $70,000 for 12 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 12th semiannual payment of $5,577.53. Round your answer to the nearest cent. ​

A Small Business Borrowed $70,000 for 12 Years at an Annual