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(1 point) (Exercise 5.22) A borrower takes out a loan of $6900 for 13 years at 10% convertible semiannually. The borrower replaces one third of
(1 point) (Exercise 5.22) A borrower takes out a loan of $6900 for 13 years at 10% convertible semiannually. The borrower replaces one third of the principal in a sinking fund earning 6% convertible semiannually and the other two thirds in a sinking fund earning 7% convertible semiannually. Find the total semiannual payment. ANSWER =$ Step by Step Solution
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Personal Finance Version 3.1
Authors: Rachel S. Siegel
3rd Edition
1453334807, 978-1453334805
