please provide help

Question

A debt of $7,000.00 is to be paid off with 10 equal semi-annual payments. If the interest rate is 10% compounded semi-annual, what is the size of the payment?

The semi-annual payment would be $. (Round to 2 decimal places.)

Answer 1

A debt of $7,000.00 is to be paid off with 10 equal semi-annual payments. If the interest rate is 10% compounded semi-annual, what is the size of the payment?

X = P*r /( 1 - 1/(1+r)^n)

X = 7000*5% /( 1 - 1/(1+5%)^10) = 906.53