- #1

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## Homework Statement

"A loan of 10,000 is repaid by twenty level installments at the end of every six months. The nominal interest rate is 8%, convertible half-yearly. Find the total amount of interest payment made over the ten-year period."

## Homework Equations

## The Attempt at a Solution

##10000=k[\frac{1-(1.04)^{-20}}{0.04}]##

##k=10000[\frac{0.04}{1-(1.04)^{-20}}]=217.45##

I think I calculated the amount of each of the twenty level installments, but I don't know how to proceed to calculate total interest accrued from here.