Question: steps or formulas required for both 5 and 6 5. For how long will Sundeep have to make payments of $230.00 at the end of

steps or formulas required for both 5 and 6 5. For

steps or formulas required for both 5 and 6

5. For how long will Sundeep have to make payments of $230.00 at the end of every six months to repay a loan of $1161.00 if interest is 7% compounded semi-annually? State your answer in years and months (from 0 to 11 months) Sundeep will have to make payments for year(s) and month(s) 6. Determine the nominal annual rate of interest of the following ordinary general annuity. Future Value Term Periodic Payment $110 Payment Interval 1 month Conversion Period monthly $24,500 10 years The nominal annual rate of interest is (Round to two decimal places as needed.) % compounded monthly

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