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Anthony received a loan of $8,000 at 4


Anthony received a loan of $8,000 at 4.52% compounded semi-annually from a credit union to use as working capital for his business. He had to make semi-annual payments for a period of 5 years to settle the loan.


a. Calculate the size of his payments.

b. What was the total interest paid during the period?

c. What was the interest portion of payment number 3?

Option 1

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Option 2

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