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5 January, 15:14

A loan for $4000 with interest at 6.75% compounded semi-annually is repaid after 5 years. What is the amount of interest paid?

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  1. 5 January, 17:17
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    4,000 multiplied by 6.75%=27,000

    27,000 multiplied by 5 = 135,000

    4,000-135,000=131,000 amount of interest paid
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