Question: A construction company signed a loan contract at 4.55% compounded semi-annually, with the provision to pay $460 at the end of each month for four

A construction company signed a loan contract at 4.55% compounded semi-annually, with the provision to pay $460 at the end of each month for four years.

(a) What is amount of the loan?

(b) How much will be owed at the end of sixteen months?

(d) How much interest is paid during the first sixteen months?

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