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A loan is repaid with 6 payments of 1,000 followed by 12 payments of 600 at the end of each half-year. The nominal rate of
A loan is repaid with 6 payments of 1,000 followed by 12 payments of 600 at the end of each half-year. The nominal rate of interest is 12% compounded semiannually. What is the outstanding loan balance immediately after 5 payments have been made? (a) 5,720.28 (b) 5, 688.97 (c) 5,918.27 (d) 5,941.54
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