Find the payment necessary to amortize a 6.3% loan of 7500 compounded semiannually, with 6 semiannual payments. find the payment necessary to amortize the loan and the total payments and the total amount of interest paid based on calculated semiannual payments.

Semiannual payment = $ 1391.37

Total payment = $ 8348.22

Interest paid =  $ 848.22

Step-by-step explanation:

Since, the semiannual payment formula of a loan,

Where,

PV = present value of the loan,

n = number of semiannual payments,

r = annual rate,

Here, PV = 7500, r = 6.3% =0.063, n = 6,

By substituting the value,

The semiannual payment would be,

Also, total payment = semiannual payment × total semiannual periods

= 1391.37 × 6

= $ 8348.22,

Also, the interest paid = total payment - present value

= 8348.22 - 7500

= $ 848.22

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step-by-step explanatio89