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Determine what is the amount of each payment

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Problem 1: You have purchased a water softener for $7 500. Your loan requires that you make payments every 3 months over the course of 60 months at an interest rate of 5.99% compounded semi-annually. What is the amount of each payment?

Select one:

a. $1637.43
b. $503.88
c. $436.26
d. $190.33

Reference no: EM132740545

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