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Erik borrowed $15,750 for 7.0 years. For the first two and a half years, the interest rate on the loan was 8.4% compounded monthly (12).

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Erik borrowed $15,750 for 7.0 years. For the first two and a half years, the interest rate on the loan was 8.4% compounded monthly (12). The rate then became 7.5% compounded semi-annually (2). What total amount was required to pay off the loan at the end of the term? Round your answer to 2 decimal places. Your

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