The owner of the Pink Flamingo Motel borrowed $19 500.00 at 8.11% compounded semi-annually and agreed to repay the loan by making payments of $1110.00 at the end of every three months.
a) How many payments will be needed to repay the loan?
b) How much will be owed at the end of five years?
c) How much of the payments made at the end of five years will be interest?

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The Answer of The owner of the Pink Flamingo Motel borrowed $19 500.00 at 8.11% compounded semi-annually and agreed to repay the loan by making payments of $1110.00 at the end of every three months.
a) How many payments will be needed to repay the loan?
b) How much will be owed at the end of five years?
c) How much of the payments made at the end of five years will be interest?

The Owner of the Pink Flamingo Motel Borrowed $19 500