Question: 9. You borrowed $5,000 and will pay it back with four equal installments over a period of 2 years. However, your first installment will not

9. You borrowed $5,000 and will pay it back with four equal installments over a period of 2 years. However, your first installment will not be due until 5 years from now. The loan has an interest rate of 12% compounded semiannually (5 pts). Calculate the following:

a. The effective interest rate.

b. The amount of each payment.

c. The total interest paid

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