A debt of $17 500 is repaid by payments of $2850 made at the end of each year. Interest is 8% compounded semi-annually.
(a) How many payments are needed to repay the debt?
(b) What is the cost of the debt for the first three years?
(c) What is the principal repaid in the fifth year?
(d) Construct an amortization schedule showing details of the first three payments, the last three payments, and totals.