Sam has a loan that requires a single payment of $4,000 at the end of three years.The loan's interest rate is 6%,compounded semiannually.How much did Sam borrow?
A) $3,358.40
B) $4,000.00
C) $3,660.40
D) $4,776.40
E) $3,350.00

Name: Sam has a loan that requires a single payment of $4,000 at the end of three years.The loan's interest rate is 6%,compounded semiannually.How much did Sam borrow? A) $3,358.40 B) $4,000.00 C) $3,660.40 D) $4,776.40 E) $3,350.00
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Question

Quizplus · Accepted Answer

$4,000 x 0.8375 = $3,350.00

Sam Has a Loan That Requires a Single Payment of $4,000