Nelson borrowed $5000 for years. For the first years, the interest rate on the loan was 8.4% compounded monthly. Then the rate became 7.5% compounded semiannually. What total amount was required to pay off the loan if no payments were made before the expiry of the -year term?

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The Answer of Nelson borrowed $5000 for years. For the first years, the interest rate on the loan was 8.4% compounded monthly. Then the rate became 7.5% compounded semiannually. What total amount was required to pay off the loan if no payments were made before the expiry of the -year term?

Nelson Borrowed $5000 for Years