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A loan of $40000 is paid off with installments of $2800 made at the end of each six months. The interest rate is 7%

A loan of $40000 is paid off with installments of $2800 made at the end of each six months. The interest rate is 7% compounded semi-annually. The value of n is determined to be 20.1488. Find the size of the final payment. Select one: O a. $422.74 O b. $407.00 O c. $408.46 O d. $416.72

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