The owner of the Blue Goose Motel borrowed $12 500 at 7.1% compounded semiannually and agreed to repay the loan by making payments of $700 at the end of every three months.
(a) How many payments will be needed to repay the loan?
(b) How much will be owed at the end of five years?
(c) By the end of five years of payments, how much total interest has been paid?