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Calculate the size of the periodic payment

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Q1-A loan of $23,200.00 at 6.00% compounded semi-annually is to be repaid with payments at the end of every 6 months. The loan was settled in 3 years.

a. Calculate the size of the periodic payment.

b. Calculate the total interest paid.

Q2-Patrick wants to accumulate $34,000 in a fund with payments of $1,100 made at the end of every six months. The interest rate is 6.73% compounded semi-annually.

a. How many payments (rounded up to the next payment) will it take to accumulate this amount?

b. How long will it take to accumulate this amount?

Reference no: EM133045985

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