A loan of $31,000.00 at 4.50% compounded semi-annually is to be repaid with payments at the end of every 6 months. The loan was settled in 6 years.

a. Calculate the size of the periodic payment.

$2,776.88

$3,399.65

$2,976.54

$3,212.73

b. Calculate the total interest paid.

$4,718.48

$35,718.48

$1,741.94

$7,695.02