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[Solved]: Question 8 [6 points] A $19,000 loan at 11% compou
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(Solved): Question 8 [6 points] A $19,000 loan at 11% compounded semi-annually requires three payments at 1.5 ...


Question 8 [6 points] A

$19,000

loan at

11%

compounded semi-annually requires three payments at 1.5 years, 3.5 years, and 4.5 years. The first payment is

$2,900

and the second payment is three times as large as the final payment. For full marks your answer(s) should be rounded to the nearest cent. a) Calculate the value of the third payment on the loan.

◻

b) Calculate the value of the second payment on the loan.

◻


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