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How much interest will be paid and how much of principal

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Question: NY Inc. borrowed $42 000.00 at 7% compounded semi-annually. The loan is repaid by payments of $4700.00 due at the end of every six months.

a) How many payments are needed?

b) How much interest will be paid and how much of principal will be repaid when the 6th payment is done?

Reference no: EM133547443

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