Using technology, determine the semi-annual payment on a 3 year loan of $8,561 at 9.1% compounded semi-annually. Round your answer to the nearest cent.

There are 6 semi-annual payments in 3 years, and the interest rate per half-year is 9.1% ÷ 2 = 4.55%. Use the loan payment formula: payment = 8,561 × 0.0455 ÷ [1 − (1.0455)^−6] ≈ $1,662.47. The correct choice is a, $1,662.47.

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