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1. A loan, amortized over 5 years, is repaid by making payments of $700 at the end of every month. If the interest rate is

1. A loan, amortized over 5 years, is repaid by making payments of $700 at the end of every month. If the interest rate is 4.75% compounded semi-annually, what was the loan principal?. (Round to the nearest cent)

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