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Could anyone help with this? The truck that we will use in our business costs $90,000. 10% of this cost will be paid as a

Could anyone help with this?

The truck that we will use in our business costs $90,000. 10% of this cost will be paid as a down payment. For the remaining cost of this truck, we will take out a loan from a bank at 25% APR, compounded semiannually. We will make a monthly installment to pay off the loan in two years. Using this information, determine the principle payment in 15th payment.

options:

a)

Between $3,400 and $3,600

b)

None of the answers is correct

c)

Between $3,600 and $3,800

d)

Between $4,100 and $4,300

e)

Between $3,200 and $3,400

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