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Rosie's Florist borrows $420,000 to be paid off in four years. The loan payments are semiannual with the first payment due in six months, and

Rosie's Florist borrows $420,000 to be paid off in four years. The loan payments are semiannual with the first payment due in six months, and interest is at 6%. What is the amount of each payment?

Multiple Choice

  • $60,587.

  • $62,630.

  • $60,832.

  • $59,832.

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