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SHOW WORK AND CALCULATIONS - NO EXCEL Karen obtained a $45,000 business loan for 1 2 years to renovate her cafeteria. The cost of borrowing

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SHOW WORK AND CALCULATIONS - NO EXCEL

Karen obtained a $45,000 business loan for 1 2 years to renovate her cafeteria. The cost of borrowing was 4% compounded semiannually. 1. What end-of-month payments are required on the loan? 2. What will be the balance on the loan at the start of the fourth year? Do not round intermediate values in your calculation. Express your final answers to the nearest cent. Provide your answers in the accompanying textbox

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