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3. A debt of $45 000 is re- paid over 15 years with semi-annual payments. In- terest is 9% compounded monthly. a. What is the

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3. A debt of $45 000 is re- paid over 15 years with semi-annual payments. In- terest is 9% compounded monthly. a. What is the size of the periodic payments? b. What is the out- standing principal after the 11th pay- ment? c. What is the interest paid in the 12th payment? d. How much principal is repaid in the 12th payment? Reference Example 14.2BO

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