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Use the following information to answer the next two questions: On January 1, 2018, Jimbo Enterprises purchased new equipment for its training center. The equipment cost $220,000. Jimbo paid $25,000 down and is required to pay the rest in semiannual installments for the next 8 years. Jimbo's cost of borrowing is 4%.
Question 1: What is the amount of the semiannual payment Jimbo will make every six months?
Select one:
a. 28,963
b. 16,203
c. 14,362
d. 12,188
e. None of the above
Question 2: What is the total amount of interest expense Jimbo will pay over the life of the loan?
a. 64,248
b. 34,792
c. 9,792
d. 7,800
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