A loan of $29,250.00 at 5.00% compounded semi-annually is to be repaid with payments at the end of every 6 months. The loan was settled in 6 years.

a. Calculate the size of the periodic payment.

$2,663.16

$3,300.14

$2,851.50

$3,074.35

b. Calculate the total interest paid.

$4,968.00

$34,218.00

$2,116.50

$7,819.50