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    Loan Payments

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    Micro Brewery borrows $300,000 to be paid off in three years. The loan payments are semiannual with the first payment due in six months, and interest is at 6%. What is the amount of each payment?

    a. $55,379
    b. $106,059
    c. $30,138
    d. $60,276

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    Solution Summary

    This solution calculates the semi-annual payment of a loan.