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What payment made on the sixth anniversary of the loan

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Question 1: Stefan borrowed $16,000 at an interest rate of 6% compounded semiannually. On the second and fourth anniversaries of the loan, he made payments of $3000. What payment made on the sixth anniversary of the loan will extinguish the debt? (Do not round your intermediate calculations. Round your answer to 2 decimal places)

Reference no: EM132912999

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