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Homework answers / question archive / 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?

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