Advanced Math
John Fare purchased $6,000 worth of equipment by making a $1000 down payment and promising to pay the remainder of the cost in semiannual payments over the next 3 years. The interest rate on the debt is 12%, compounded semiannually. Find the following. (Round your answers to the nearest cent.)
(a) the size of each payment
$
(b) the total amount paid over the life of the loan
$
(c) the total interest paid over the life of the loan
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Answer:
c
Step-by-step explanation:
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