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2. A loan for $4000 with interest at 6.75% compounded semi-annually is repaid after 5 years. What is the amount of interest paid?
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2. A loan for $4000 with interest at 6.75% compounded semi-annually is repaid after 5 years. What is the amount of interest paid?

User Mavi
by
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1 Answer

3 votes

Answer:

Total Interest paid is $713.60

Loan $4,000.00 x60 months x6.75%

Payments $78.56X60=4,713.60

Deduct starting balance of $4,000.00 from total payments

Total $713.60

Explanation:

User FatBoyXPC
by
7.2k points
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