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Laurentian Bank issued a loan of $107,000 at 7.91% compounded semi-annually. The loan was repaid by payments of $6,390 at the end of every quarter.
Laurentian Bank issued a loan of $107,000 at 7.91% compounded semi-annually. The loan was repaid by payments of $6,390 at the end of every quarter. a. How many payments were required to pay off the loan? (Enter a whole number) b. What was the total principal repaid in the 3rd year? (Enter starting and ending periods as P1 and P2 and the total principal repaid as a positive value to the nearest cent. ) P1=P2= Total principal repaid in the 3 rd year =$ c. What was the size of the final payment? (Enter a positive value to the nearest cent) $
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