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please answer quickkkk Bank of Montreal issued a loan of $42,000 at 6.09% compounded semi-annually. The loan was repaid by payments of $560 at the
please answer quickkkk
Bank of Montreal issued a loan of $42,000 at 6.09% compounded semi-annually. The loan was repaid by payments of $560 at the end of every month. a. How many payments were required to pay off the loan? (Enter a whole number) b. What was the total interest paid in the 5 th year? (Enter starting and ending periods as P1 and P2 and the total interest paid as a positive value to the nearest cent.) P1=P2= Total interest paid in the 5 th year =$ c. What was the size of the final payment? (Enter a positive value to the nearest cent) Step by Step Solution
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