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Question: 1 mohamed recently borrowed 50000 for his business at a...

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1) Mohamed recently borrowed $50,000 for his business at a rate of (2)-6 The terms of the loan require him to make semi-annual payments for 10 years. In order to complete his income tax, Mohamed needs to know how much interest he paid in a given year. How much was the interest charge in year 6? (Assume payments are rounded up to the penny)

2) Kia recently borrowed $85,000 for her business at a rate of i(2) = 7.8% . The terms of the loan require her to make semi-annual payments for 13 years. In order to complete her income tax, Kia needs to know how much interest she paid in a given year. How much was the interest charge in year 4? (Assume payments are rounded up to the penny) [Answer: Approximately 5,530.57]

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