You borrowed $16,000 at 8 percent with semiannual payments of $707.23. What is the correct calculator input to compute the time period?

a) N = 16,000 ÷ 707.23
b) N = 8,000 ÷ 707.23
c) N = 16,000 × 707.23
d) N = 8,000 × 707.23