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Find how much total interest will be paid at end of the year

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Problem 1: Bublin Company applies for one year, P1 million loan from RY Bank. The term of the loan requires 12% per annum interest, compounded semi-monthly and will be paid together with the principal at the end of the year. How much total interest will be paid at the end of the year?

a. 136,036
b. 137,870
c. 127,160
d. 132,796

Reference no: EM132741475

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