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A debt of $30,000 is repaid over 15 years with payments occurring semi-annually. Interest is 3% compounded monthly. (a) What is the size of the
A debt of
$30,000
is repaid over
15
years with payments occurring
semi-annually.
Interest is
3%
compounded monthly.
(a) What is the size of the periodic payment?
(b) What is the outstanding principal after payment
21?
(c) What is the interest paid on payment
22?
(d) How much principal is repaid in payment
22?
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