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Sagot :
The single-amount payment she can receive today is $1688980.16
What is the single-amount payment?
The single-payment compound-amount formula is the simplest of the six compound interest formulas. The term refers to the concept that at the end of the loan, a single payment is due that includes all compounded interest.
Number of semiannual payments received = 10
Amount of each payment = $198,000
Annual interest rate = 6%
Semiannual interest rate= [tex]\frac{6}{2}= 3%[/tex]
Payment= [tex]Amount*\frac{1-(1+i)^{n} }{i}[/tex]
Payment = $198,000× [tex]\frac{1-(1+0.03)^{-10} }{0.03}[/tex]
Payment = $1688980.16.
To know more about single-amount payment visit:
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