Question: 4 . A person borrowed $ 5 5 , 6 0 0 and will be making semi - annual payments for the 1 0 -

4. A person borrowed $55,600 and will be making semi-annual payments for the 10-year loan. After making 14 semi-annual payments, how much will the person need to pay at the EOY 7 if he wants to pay off the loan completely? Interest rate is 1.1340% per month compounded monthly.

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