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A loan of $12,000 is repaid by payments of $571 at the end of every...

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Question

Accounting

A loan of $12,000

is repaid by payments of $571

at the end of every three months. Interest is 9%

compounded quarterly

(a) How many payments are required to repay the debt?

(b) What is the size of the final payment?

Answer & Explanation Solved by verified expert
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