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Suppose you borrow $ 4 0 , 0 0 0 today, to be repaid in twelve equal annual payments with 4 . 9 9 %

Suppose you borrow $40,000 today, to be repaid in twelve equal annual payments with 4.99% APR. Approximately how much will your annual payment be if the interest rate in compounded semi-annually? (3.5 points)
A)$2,500.00
B)$3,337.86
C)$3,382.85
D) $3,394.75
E) $3,400.85
F) None of the above (state your answer)

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