Question: Nelson borrowed $5000 for 4 years. For the first 2 years, the interest rate on the loan was 8.4% compounded monthly. Then the

Nelson borrowed $5000 for 4 ½ years. For the first 2 ½ years, the interest rate on the loan was 8.4% compounded monthly. Then the rate became 7.5% compounded semiannually. What total amount was required to pay off the loan if no payments were made before the expiry of the 4 ½ -year term?

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