2. (10 pts) You borrow $40,000 from the local bank at 5% APR, compounded monthly on a 6-year loan but you want to pay for the loan with payments every four months.
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(a) What is your effective interest on your 4-month payment?
(b) What is your payment made every four months?
(c) What is the APY for your loan with your payments?? Get Finance homework help today