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A loan of $16,000 with interest at 12% compounded semi-annualy is repaid in 8 years by equal payments made at the end of each 3
A loan of $16,000 with interest at 12% compounded semi-annualy is repaid in 8 years by equal payments made at the end of each 3 months. (a) What is the size of the periodic payment? (b) Construct an amortization schedule showing the details of the last three payments. (c) What is the total paid and the total interest? (a) The size of the periodic payment is $780.09. (Round the fnal answer to the nearest cent as needed. Round al intermediate values to six decimal places as needed.) (B) Complete the table below for the last three payments in the schedule, starting with the third-to-last payment. (Round to the nearest cent as needed.)
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