Question: Erik borrowed $22,988 for 6.0 years. For the first two and a half years, the interest rate on the loan was 8.4% compounded monthly (j12).

Erik borrowed $22,988 for 6.0 years. For the first two and a half years, the interest rate on the loan was 8.4% compounded monthly (j12). The rate then became 7.5% compounded semi-annually (j2). what total amount was required to pay off the loan at the end of the term?

round your answer to 2 decimal places.

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