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How much principal is repaid in payment seven

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An auto repair shop borrowed $12,000 to be repaid by semi-annual payments over 7 years. Interest on the loan is 9% compounded semi-annually.

Question (a) What is the size of the periodic payment?

Question (b) What is the outstanding principal after payment 6?

Question (c) What is the interest paid on payment 7?

Question (d) How much principal is repaid in payment 7?

Reference no: EM132610573

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