The amount needed in the account is 182,713.25 dollars then the correct option is B.
The term loan refers to a sort of credit vehicle in which a sum of money is lent to another party in exchange for the value or principal amount being repaid in the future.
Then the formula of monthly payment (MP) will be
[tex]\rm MP = P \times \dfrac{r(1+r)^n}{(1+r)^n - 1}\\[/tex]
The formula can be written as
[tex]\rm P = MP \times \dfrac{(1+r)^n-1}{r(1+r)^n}\\[/tex]
You plan on supplementing your income. you would like to withdraw a semiannual salary of $6,951.20 from an account paying 1.75% interest, compounded semiannually.
The amount needed in the account is such that you can withdraw the needed amount at the end of each period for 15 years will be
MP = $6951.20
r = 0.00875
n = 30
Then we have
[tex]\rm P = 6951.20 \times \dfrac{(1+0.00875)^{30}-1}{0.00875(1+0.00875)^{30}}\\\\P = \$182713.25[/tex]
More about the monthly payment link is given below.
https://brainly.com/question/14064255
