1. (10 marks) A debt of $14000.00 with interest at 6% compounded semi-annually is to be repaid by equal payments of $1453 at the end of every three months for two years. a) What is the number of payments to amortize the debt? Round up to the nearest integer (3) Answer: b) What is the outstanding principal after 6 th payment?(3) Answer: c) What is the interest paid on the 7 th payment? (2) Answer: d) How much principal is repaid in the 7 th payment? (2)