8. A homeowner planning to renovate their kitchen can afford a $4000 semiannual loan payment. How much can the homeowner borrow for 6 years at 9% compounded semiannually and stay within the budget?

N =

I% =

PV =

PMT =

FV =

P/Y =

C/Y =

PMT:

Circle one: END BEGIN

For questions 6 8, please use BOTH a formula AND the graphing calculator financial app to answer each question. The financial app menu must be completely and accurately filled out for full credit. Round the i value in the formula to 4 decimal places if needed. Round your final answer to 2 decimal places. SHOW YOUR WORK!

8. A homeowner planning to renovate their kitchen can afford a $4000 semiannual loan payment. How much can the homeowner borrow for 6 years at 9% compounded semiannually and stay within the budget? N = 1% = PV = PMT = FV = P/Y = C/Y = PMT: Circle one: END BEGIN + 4 8. A homeowner planning to renovate their kitchen can afford a $4000 semiannual loan payment. How much can the homeowner borrow for 6 years at 9% compounded semiannually and stay within the budget? N = 1% = PV = PMT = FV = P/Y = C/Y = PMT: Circle one: END BEGIN + 4