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A debt of $44,000 is repaid over 14 years with payments occurring semi-annually. Interest is 5% compounded monthly (a) What is the size of the
A debt of $44,000 is repaid over 14 years with payments occurring semi-annually. Interest is 5% compounded monthly (a) What is the size of the periodic payment? (b) What is the outstanding principal after payment 16? (c) What is the interest paid on payment 17? (d) How much principal is repaid in payment 17? (a) The size of the periodic payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (b) The outstanding principal is s (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (c) The interest paid is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (d) The principal repaid is $0 (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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