A loan of $21,700.00 at 5.00% compounded semi-annually is to be repaid with payments at the end of every 6 months. The loan was settled in 6 years.
a. Calculate the size of the periodic payment.
$1,975.75
$2,448.31
$2,115.47
$2,280.80
b. Calculate the total interest paid.
$3,685.64
$25,385.64
$1,570.17
$5,801.11