o repay a $400,000 loan you are required to make sixteen equal-sized repayments every six months.  If the loan's interest rate is 5% p.a. compounded half-yearly, how much interest is paid in the first period? Group of answer choices $30,639.60  $20,639.60 $10,000.00 $20,000.00

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
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Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
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To repay a $400,000 loan you are required to make sixteen equal-sized repayments every six months.  If the loan's interest rate is 5% p.a. compounded half-yearly, how much interest is paid in the first period?

Group of answer choices
$30,639.60 
$20,639.60
$10,000.00
$20,000.00 
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