Miller borrows $$370,000$ to be paid off in four years. The loan payments are semiannual with the first payment due in six months, and interest is at $8\%.$

What is the amount of each payment?

Note: Use tables, Excel, or a financial calculator. Round your final answer to the nearest whole dollar. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ and PVA of $$1).$

Multiple Choice

$$62,451$

$$118,400$

$$122,549$

$$54,955$