A loan of $36,050.00 at 5.50% 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.

$3,842.44

$4,782.67

$4,172.42

$4,576.22

b. Calculate the total interest paid.

$5,674.20

$41,724.20

$1,501.78

$9,846.62