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the local business received a $47,500 loan at 4.95% compounded semi-annually. The business settled the loan with monthly payments of $775. a. How many payments

the local business received a $47,500 loan at 4.95% compounded semi-annually. The business settled the loan with monthly payments of $775.

a. How many payments are required to settle the loan?

b. What was the interest portion of payment 24?

c. What was the size of the final payment?

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