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Seth, Janice, and Lori each borrow 17,000 for eight years at an annual nominal interest rate of 5.1%, compounded semi-annually. Seth has interest accumulated over
Seth, Janice, and Lori each borrow 17,000 for eight years at an annual nominal interest rate of 5.1%, compounded semi-annually. Seth has interest accumulated over the eight years and pays all the interest and principal in a lump sum at the end of eight years. Janice pays interest at the end of every six-month period as it accrues and the principal at the end of eight years. Lori repays her loan with 16 level payments at the end of every six-month period. Calculate the total amount of interest paid on all three loans. o 17,497 18,654 18,800 19,244 19,286
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