Accurate Accounting obtained a private loan of $25,000 for 5 years. No payments were required, but the

Question:

Accurate Accounting obtained a private loan of $25,000 for 5 years. No payments were required, but the loan accrued interest at the rate of 3% compounded monthly for the first 2 1/2 gears and then at 4.25% compounded semiannually for the remainder of the term. What total amount was required to pay off the loan after 5 years?

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