A business owner takes out a loan on July 1, 2022 for $20,000 to…

A business owner takes out a loan on July 1, 2022 for $20,000 to renovation. The bank charges 8.2% interest compounded semi-annually. The business owner wants to re-pay the loan starting on July 1, 2024 in semi-annual installments of $1,200.
a) How many payments are needed to repay the loan in full?
b) If the last payment is increased so that there is no final payment less than $1,200, what must that final payment be?

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