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Seth, Janice, and Lori each borrow 5000 for five years at a nominalinterest rate of 12%, compounded semiannually. Seth has interest accumulated over the five
Seth, Janice, and Lori each borrow 5000 for five years at a nominalinterest rate of 12%, compounded semiannually. Seth has interest accumulated over the five years and pays all the interest and principal in a lump sum at the end of five years. Janice pays interest at the end of every six-month period as it accrues and the principalat the end of five years. Lori repays her loan with 10 level payments at the end of everysix- month period. Calculate the total amount of interest paid on all three loans O a. 8748 O b. 8728 C. 8738 d. 8718 O e. 8758
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