A loan of $31,650.00 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.

$3,280.09

$3,999.89

$3,569.73

$3,924.02

b.Calculate the total interest paid.

$4,047.30

$35,697.30

$477.57

$7,617.03