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A company has just borrowed $500,000 at 6% interest compounded monthly. The loan will repaid...

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Accounting

A company has just borrowed $500,000 at 6% interest compounded monthly. The loan will repaid in quarterly payments. The loan is to repaid in four years. What is the amount of the quarterly payment? a. $40,445 b. $35,000 c. $35,504 d. $37,472

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