You have borrowed as follows: January 1, 2014 $72 000, July 1, 2015 $21 000, January 1, 2016 $17 000, The agreed-upon annual interest rate was 8.20 percent compounded semiannually. How much did you owe on July 1, 2016? You agreed to make the first of 15 monthly payments on October 1, 2016. Assume the interest rate was still 8.20 percent but was compounded monthly. How much was each of the 15 payments?

What will be an ideal response?


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