Problem:
Double Circle, Inc. just signed a five-year loan agreement to purchase a piece of property.
Required:
Question 1: If the property cost was $160,000, what would be the size of each equal semi-annual payments to amortize the loan at an interest rate of 12%?
Question 2: How much interest will the company be paying over the five-year period?
Note: Please show guided help with steps and answer.