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What amount of interest is paid in the first six months

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Problem 1: You borrow $100,000. The loan requires half-yearly repayments over 5 years at a rate of 4% p.a. compounded semi-annually. What amount of interest is paid in the first six months?

a. $2,000

b. $7,132.65

c. $4,000

d. $11,132.65

Reference no: EM132739385

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