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QUESTION
Matt borrowed $13 000 at 5.5% compounded semi-annually. If the loan is to be repaid in equal semi-annual payments over 2 years and the first payment...
Matt borrowed $13 000 at 5.5% compounded semi-annually. If the loan is to be repaid in equal semi-annual payments over 2 years and the first payment is due in 3 years after the date of the loan. What is the size of each monthly payment?
