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Question 12 (1 point) Erik borrowed $18,542 for 6.0 years. For the first two and a half years, the interest rate on the loan was

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Question 12 (1 point) Erik borrowed $18,542 for 6.0 years. For the first two and a half years, the interest rate on the loan was 8.4% compounded monthly (312). The rate then became 7.5% compounded semi-annually (j2). 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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