What was the interest portion on the last payment

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A design studio received a loan of $4,650 at 4.60% compounded semi-annually to purchase a camera and settled the loan in 3 years by making quarterly payments.

Question a. What was the size of the payments?

Option 1: $447.84

Option 2: $386.97

Option 3: $452.28

Option 4: $416.90

Question b. What was the interest portion on the first payment?

Option 1: $53.17

Option 2: $106.95

Option 3: $0.61

Option 4: $1.22

Question c. What was the balance of the loan at end of the first year?

Option 1: $3,366.77

Option 2: $3,169.94

Option 3: -$1,260.12

Option 4: $4,650.00

Question d. What was the interest portion on the last payment?

Option 1: $9.48

Option 2: $53.17

Option 3: $4.71

Option 4: $52.57

Reference no: EM132575737

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