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A loan of $24,000.00 at 5.50% compounded semi-annually is to be repaid with payments at the end of every 6 months. The loan was settled

A loan of $24,000.00 at 5.50% compounded semi-annually is to be repaid with payments at the end of every 6 months. The loan was settled in 4 years.

a. Calculate the size of the periodic payment.

1. $3,046.58

2. $3,788.74

3. $3,382.99

4. $3,815.94

b. Calculate the total interest paid.

1. $3,063.92

2. $27,063.92

3. -$319.07

4. $6,446.91

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