Question: Bruce borrowed $4,500 for 5 years. For the first 3 years, the interest rate on the loan was 5.25% compounded monthly. Then the rate became

Bruce borrowed $4,500 for 5 years. For the first 3 years, the interest rate on the loan was 5.25% compounded monthly. Then the rate became 4.50% compounded semi-annually. What total amount was required to pay off the loan if no payments were made before the expiry of the 5-year term? Rounded to the nearest cent.

Amount = _____

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