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b) (5 points) What is the effective interest rate if the interest is compounded monthly and payments are made semi-annually? i. (5 points) If the

b) (5 points) What is the effective interest rate if the interest is compounded monthly and payments are made semi-annually? i. (5 points) If the land costs $2,500,000. What is the semi-annual payment needed to pay it off in 5 years

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