Course Tools -> Assignments [Midterm Submission])A loan (promissory note) of $8,200 was made. It is to be paid back in 4 years withinterest of 3.65% compounded quarterly.What would be the...

Extracted text: Word Problem Question 3: (You have to submit an image of your FULL solution to the question in eConestoga -> Course Tools -> Assignments [Midterm Submission]) A loan (promissory note) of $8,200 was made. It is to be paid back in 4 years with interest of 3.65% compounded quarterly. What would be the appropriate price to pay for the contract 6 months after the original contract date to yield the buyer 7.85% compounded semi-annually? Round you final answer to two decimals. Do not round intermediate steps. Do not include the dollar sign ($) in your answer. For example, $89.36 input as 89.36. Your Answer: Answer