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1. The interest rate on a $6400 loan is 7% compounded semi-annually, and the loan is to be repaid by monthly payments of $155. a)
1. The interest rate on a $6400 loan is 7% compounded semi-annually, and the loan is to be repaid by monthly payments of $155. a) Construct a partial amortization schedule showing the last 2 payments. b) Determine the total amount paid to settle the loan. Show work, not just the answer. c) Determine the total principal repaid. d) Determine the total amount of interest paid. Show work, not just the answer
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