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7. [3 marks] A loan is to be repaid with semi-annual payments of $2000 over 8 years, first payment due in 6 months. The interest

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7. [3 marks] A loan is to be repaid with semi-annual payments of $2000 over 8 years, first payment due in 6 months. The interest rate on the loan is if2) = 10% for the first 3 years and i 2) = 6% thereafter. What is the amount of the loan? (answer to nearest dollar)

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