an of $22,450 at 5.81% compounded semi-annually is to be repaid with payments at the end of every 6 months. The loan was settled in 6 years. a. Calculate the size of the periodic payment. Round to the nearest cent b. Calculate the total interest paid. Round to the nearest cent
an of $22,450 at 5.81% compounded semi-annually is to be repaid with payments at the end of every 6 months. The loan was settled in 6 years. a. Calculate the size of the periodic payment. Round to the nearest cent b. Calculate the total interest paid. Round to the nearest cent
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
Problem 18P
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A loan of $22,450 at 5.81% compounded semi-annually is to be repaid with payments at the end of every 6 months. The loan was settled in 6 years.
a. Calculate the size of the periodic payment.
Round to the nearest cent
b. Calculate the total interest paid.
Round to the nearest cent
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