A loan of $28,250.00 at 4.50% compounded semi-annually is to be repaid with payments at the end of every 6 months. The loan was settled in 5 years.

a. Calculate the size of the periodic payment.

$2,927.73

$3,570.20

$3,186.25

$3,502.48

b. Calculate the total interest paid.

$3,612.50

$31,862.50

$426.25

$6,798.75