Marika Katz bought $7,000 of furniture. Based on her income, Marika could afford to pay back only $700 per month. The charge on the unpaid balance is 1 1/2%. The U.S. Rule is used in the calculation,...

Extracted text: Marika Katz bought $7,000 of furniture. Based on her income, Marika could afford to pay back only $700 per month. The charge on the unpaid balance is 1 1/2%. The U.S. Rule is used in the calculation, Calculate the balance outstanding after the second month, (Round your final answer to the nearest cent.) Complete the following using the present value formula or financial calculator. (Do not round intermediate calculations. Ro "Periodic rate" to the nearest tenth percent. Round your final answer to the nearest cent.) Amount desired at end of period Length of time Period used Periodic rate PV of amount desired at end of period Rate Compounded 6,000 8 years 3% Semiannually