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How many payments are needed to pay the loan

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Reference no: EM133157464

Question - You have been approved for a $10,000 loan and you are financed at 6.5% compounded semi-annually. You have agreed to make payments of $250 at the end of every month.

Required - Determine the following

a) How many payments are needed to pay the loan?

b) How long will it take for you to pay back the loan?

c) What will be the size of your last payment?

Reference no: EM133157464

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