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Daniel took a loan of $20,000 to finance his grocery store business. His loan is paid off with installments of $1400 made at the end

Daniel took a loan of $20,000 to finance his grocery store business. His loan is paid off with installments of $1400 made at the end of each six months. The interest rate is 7% compounded semi-annually. The value ofnis determined to be 20.1488. Find the size of the final payment.

a.

211.37

b.

204.23

c.

203.50

d.

208.36

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