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What is the amount of each payment

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Reference no: EM131794794

Problem

Present and future value tables of $1 at 3% are presented below:

N

FV $1

PV $1

FVA $1

PVA $1

FVAD $1

PVAD $1

1

1.03000

0.97087

1.0000

0.97087

1.0300

1.00000

2

1.06090

0.94260

2.0300

1.91347

2.0909

1.97087

3

1.09273

0.91514

3.0909

2.82861

3.1836

2.9134

4

1.12551

0.88849

4.1836

3.71710

4.3091

3.82861

5

1.15927

0.86261

5.3091

4.57971

5.4684

4.71710

6

1.19405

0.83748

6.4684

5.41719

6.6625

5.57971

7

1.22987

0.81309

7.6625

6.23028

7.8923

6.41719

8

1.26677

0.78941

8.8923

7.01969

9.1591

7.23028

9

1.30477

0.76642

10.1591

7.78611

10.4639

8.01969

10

1.34392

0.74409

11.4639

8.53020

11.8078

8.78611

11

1.38423

0.72242

12.8078

9.25262

13.1920

9.53020

12

1.42576

0.70138

14.1920

9.95400

14.6178

10.25262

13

1.46853

0.68095

15.6178

10.63496

16.0863

10.95400

14

1.51259

0.66112

17.0863

11.29607

17.5989

11.63496

15

1.55797

0.64186

18.5989

11.93794

19.1569

12.29607

16

1.60471

0.62317

20.1569

12.56110

20.7616

12.93794

Micro Brewery borrows $300,000 to be paid off in three years. The loan payments are semiannual with the first payment due in six months, and interest is at 6%. What is the amount of each payment?

A. $55,379.
B. $106,059.
C. $30,138.
D. $60,276.

Reference no: EM131794794

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