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A loan of $13,000 with interest at 10% compounded semi-annually is repaid by payments of $942.00 made at the end of every three months. (a)
A loan of $13,000 with interest at 10% compounded semi-annually is repaid by payments of $942.00 made at the end of every three months. (a) How many payments will be required to amortize the loan? (b) If the loan is repaid in full in 2 years, what is the payout figure? (c) If paid out, what is the total cost of the loan? (a) The number of payments required to amortize the loan is I (Round up to the nearest whole number.) (b) The payout figure outstanding principal after the regular payments) is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (c) The total cost of the loan is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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