A druggist borrows $5500 from a bank to stock her drugstore. The interest rate is 8% compounded semiannually with payments due every 6 months. She wants to repay the loan in 30months. How much are the semiannual payments? (Round your final answer to two decimal places)Cook

CONCEPT The Monthly installment in relation to borrowing is an amount that includes interest and a…

Answered: A druggist borrows $5500 from a bank to…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A druggist borrows $5500 from a bank to stock her drugstore. The interest rate is 8% compounded semiannually with payments due every 6 months. She wants to repay the loan in 30 months. How much are the semiannual payments? (Round your final answer to two decimal places)