What is the amount of the final smaller payment

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Reference no: EM133341959

Case: YXZ international acquired a loan of $29,000 at 7.6% compounded semi-annually. Except for a smaller final payment, XYZ international paid $1,600 at the end of every month.

Question 1: What is the total number of payments needed to pay off the loan?

Question 2: What is the amount of the final smaller payment?

Question 3: What is the total amount of interest paid over the life of the loan?

Reference no: EM133341959

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