When will the last payment be made

Reference no: EM131965593

Question: A debt of $18,000 is being repaid by 15 equal semiannual payments, with the first payment to be made six months from now. Interest is at the rate of 5% compounded semiannually. However, after two years, the interest rate increases to 6% compounded semiannually. If the payment is not increased, when will the last payment be made?.

Reference no: EM131965593

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