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What is the? semi-annually compounded interest rate

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Question: A major property developer is concerned about lack of sales due to local economic conditions. To ensure that his condos are? occupied, he offers a? lease-to-purchase program in? which, if people sign a lease by the end of? March, they will not have to start making payments until March of the following year. The purchase price of the condo is ?$177,000. Payments of ?$1205.73 will be required at the beginning of each month over a? 25-year amortization period. If interest is 5.06?% compounded? semi-annually during the first? year, what is the? semi-annually compounded interest rate during the payment? period?

Reference no: EM132757439

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