To repay a $400,000 loan you are required to make sixteen equal-sized repayments every six months. If
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To repay a $400,000 loan you are required to make sixteen equal-sized repayments every six months. If the loan's interest rate is 6% p.a. compounded half-yearly, what is the principal repaid at the time of the first repayment?
| a. | $19,844.34 | |
| b. | $31,844.34 | |
| c. | $12,000.00 | |
| d. | $380,155.66 |
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