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What was the size of the final payment

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Question - A variable rate demand loan showed an initial balance of $12 000, payments of $5000 after 18 months, $4000 after 30 months, and a final payment after 5 years. Interest was 11% compounded semi-annually for the first two years and 12% compounded monthly for the remaining time. What was the size of the final payment?

Reference no: EM132538393

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