The owner of a hotel borrowed $36,000 at 7.8% p.a. compounded semi-annually and agreed to repay the loan by making payments of $1050 at the end of every 3 months. How much payments will be needed to...

The owner of a hotel borrowed $36,000 at 7.8% p.a. compounded semi-annually and agreed to repay the loan by making payments of $1050 at the end of every 3 months.
1. How much payments will be needed to repay the loan?
2. How much will be owed at the end of 5 years?
3. By the end of 5 years of payments, what is the total interest paid?

Jun 03, 2022

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