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1) Charles borrows $15,000 on January 1, 2021 at i(9=6%. He plans to repay the loan with quarterly payments of $1000 with the first payment

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1) Charles borrows $15,000 on January 1, 2021 at i(9=6%. He plans to repay the loan with quarterly payments of $1000 with the first payment on March 31, 2021. a) How much interest does he pay in his second payment? b) Find the outstanding balance on his loan immediately after his June 30, 2023 payment. (5 points)

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