A local moving service recently purchased a van by securing a loan with semiannual payments of...
A local moving service recently purchased a van by securing a
loan with semiannual payments of $2700 per semiannual period for 6
years at 13% per year compounded semiannually. What was the
purchase price of this van? (Round your answer to the nearest
cent.)
$
Homework Answers
PV =
P = $2700, n = 6 * 2 = 12 semi-annual periods, r = 13%/2 = 6.5% (semi-annually)
PV = 2700 * 8.1587
PV = $22,028.6
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