Question: Sam s Auto Repairs Inc. borrowed $ 5 0 0 8 to be repaid by monthly payments over 1 2 years. Interest on the loan

Sams Auto Repairs Inc. borrowed $5008 to be repaid by monthly payments over 12 years. Interest on the loan is 3.31% compounded semi-annually. (*Hint: General Annuity) Compute the equal monthly payment. EAR Formular on EXCEL?

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