The semi-annual payment is $1662.47
Given : A 3 year loan of $8,561 at 9.1% compounded semi-annually.
We have to determine the semi annual payment.
We know,
[tex]P=\dfrac{PV.r}{1-(1+r)^{-n}}[/tex]
Where PV is present value of loan.
r is rate of interest
n is time period.
Given loan is calculated semi annually,
So PV = $ 8561
r=9.1 % =9.1/200
and time period is 3 years = 6 number of period as semi annually.
Thus, Substitute,
We get,
[tex]P=\dfrac{8561(\dfrac{9.1}{200})}{1-(1+\dfrac{9.1}{200})^{-6}}[/tex]
[tex]P=1662.47[/tex]
Hence the semi-annual payment is $1662.47
To know more about Amount follow
https://brainly.com/question/25109150
