Jamshid borrowed $350 from his mother at the beginning of every month for 2½ -years while he attended Seneca College.
a) If the interest rate on the accumulating debt was 6% compounded semiannually, what amount did he owe his mother at the end of the 2½ -year period?
b) If he made the first monthly payment of $175 on the loan at the end of the first month following the 2½ -year period, how long after the date he entered college will he have the loan repaid?

Question

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The Answer of Jamshid borrowed $350 from his mother at the beginning of every month for 2½ -years while he attended Seneca College.
a) If the interest rate on the accumulating debt was 6% compounded semiannually, what amount did he owe his mother at the end of the 2½ -year period?
b) If he made the first monthly payment of $175 on the loan at the end of the first month following the 2½ -year period, how long after the date he entered college will he have the loan repaid?

Jamshid Borrowed $350 from His Mother at the Beginning of Every