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5. Steven borrows money to buy a boat. He will repay the loan by making a payment of $524.63 semi-annually for the next 5 years,

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5. Steven borrows money to buy a boat. He will repay the loan by making a payment of $524.63 semi-annually for the next 5 years, at an interest rate of 4.5% per year compounded semi-annually. (Do NOT use a TVM solver - Show your calculation) a) How much did Steven borrow? [A4] b) How much interest will Steven pay? [A2]

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