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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
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
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