What total amount was required to pay off the loan

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Question

Nelson borrowed $5000 for 4.5 years. For the first 2.5 years, the interest rate on the loan was 8.4% compounded monthly. Then the rate became 7.5% compounded semiannually. What total amount was required to pay off the loan if no payments were made before the expiry of the 4.5-year term?

Reference no: EM133674882

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