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What are the biweekly payments

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Question 1 - Ha-yoon bought a car for $30,000 by making a downpayment of $8,700 and biweekly (every two weeks) payments at the end of every two weeks for 5 years. Interest is 2.44% compounded semiannually.

1) What are the biweekly (every two weeks) payments, rounded to the nearest cent?

2) What is the cost of financing?

Question 2 - Cristina took out a loan for $13,800 from Bank of Montreal at 7.44% compounded monthly, and will be making payments at the end of the month for the next 7.5 years to repay the loan. Answer the following questions, and round all answers to two decimal places if necessary.

Follow this chart :

1) What is the amount of each payment?

2) What is the total sum of money that Cristina will eventually pay to clear the loan?

3) What will be the total amount of interest paid?

Reference no: EM133107632

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