Violet has a loan that requires her to make 26 semi-annual payments of $1680. If the rate of interest on her loan is 7.8% compounded semi-annually, how much principal is paid off with her 22nd payment? $1387.50 $2033.61 $2437.50 $1984.80 $1090.60 Jeremy purchases a piece of construction equipment worth $20000 by paying 13% down and the balance with monthly payments over 15 years at j12 = 14%. If he wants to refinance the loan, there is a penalty equal to one monthly payment. If after 3 years he realizes he can borrow money from the bank at j12 = 7%. How much money does he save by refinancing? $9454.53 $9801.68 $8843.90 $9148.32 $8033.62