# Jamshid borrowed $350 from his mother at the beginning of every month for 2 years while

## Question:

a. If the interest rate on the accumulating debt was 6% compounded semiannually, what amount did he owe his mother at the end of the 2 ½ -year period?

b. If he made the first monthly payment of $175 on the loan at the end of the first month following the 2 ½ -year period, how long after the date he entered college will he have the loan repaid?

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