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Your friend will loan you the money you need today if you agree to make payments of $140 a month for the next 24 months.

Your friend will loan you the money you need today if you agree to make payments of $140 a month for the next 24 months. The friend requires that the first payment be made today (i.e. immediately after the loan amount is disbursed). The friend charges you interest at 24.00% compounded semi-annually. How much money are you borrowing today?

$2,591 $2,659 $2,727 $2,795 $2,863

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