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A loan of $500,000 is being paid off using 30 equal payments to be paid at the end of each month. The interest rate is

A loan of $500,000 is being paid off using 30 equal payments to be paid at the end of each month. The interest rate is a nominal 4% per year compounded twice a year (every 6 months).

a) What is the required monthly payment?

b) What is the loan balance just after the 15 payment?

c) What is the total amount of interest in payments 11 through 17?

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