Question: Seth, Janice, and Lori each borrow 5,000 for five years at a nominal interest rate of 11%, compounded semiannually. Seth has interest accumulated over the

Seth, Janice, and Lori each borrow 5,000 for five years at a nominal interest rate of 11%, compounded semiannually. Seth has interest accumulated over the five years and pays all the interest and principal in a lump sum at the end of five years. Janice pays interest at the end of every six month period as it accrues and the principal at the end of five years. Lori repays her loan with 10 level payments at the end of every six month period. (5) Calculate the amount of interest Seth pays on his loan. (6) Calculate the amount of interest Janice pays on her loan. (7) Calculate the amount of interest Lori pays on her loan

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