Problem
Cranford Cranberry Bogs just purchased new water whipping equipment for $100,000. Cranford agreed to repay the loan over a period of 10 years with semiannual payments. The loan's interest rate is 8%. Determine the payment amount and the total finance charge.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.