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2. (10 pts) You borrow $40,000 from the local bank at 5% APR, compounded monthly on a 6-year loan but you want to pay for

2. (10 pts) You borrow $40,000 from the local bank at 5% APR, compounded monthly on a 6-year loan but you want to pay for the loan with payments every four months. (a) What is your effective interest on your 4-month payment? (b) What is your payment made every four months? (c) What is the APY for your loan with your payments??

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