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A debt of $32 000 is repaid by payments of $1600 made at the end of every six months. Interest is 5.8% compounded semi-annually. A)

A debt of $32 000 is repaid by payments of $1600 made at the end of every six

months. Interest is 5.8% compounded semi-annually.

A) How many payments are needed to repay the debt?

a. 30

b. 29

C. 32

d. 31

B) What is the size of the payment?

a. $563.94

b. $1600.00

c. $557.97

d. $1042.03

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