The current interest rate is 8.7%/a interest is compounded semi-annually and calculated monthly. The couple that is borrowing $90 000 for their new home wants to know how much it will cost them each month to pay off the loan. Assume they will make one payment per month. Calculate the monthly payment? Do I have to find the nominal interest rate for this question because this is not a simple annuity? The compounding period is semi-annually but the payment period is monthly. Will I be using the present or future value to find the monthly payment? Is $90 000 present? Can someone set this question up for me thanks What does n=? the converstion period (2) times what? oh in the first quetion it said they will need to borrow $90000 for the home with an amortization period of 25 years I think this multiplied by 2 will give n. In my graphing calculator I entered N=50 I=8.7 Present Value= 90 000 PMT=0 Future Value=0 payment per year=12 compounded per year=2 when i pressed alpha solve for PMT (Payment) I got -2145.80 as my answer im not sure if this is correct.