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1. Ten years ago, you took out a 30-year amortizing loan. The loan has a 9.0% APR with monthly compounding and quarterly payments. a. What

1. Ten years ago, you took out a 30-year amortizing loan. The loan has a 9.0% APR with monthly compounding and quarterly payments.

a. What is your quarterly interest rate in % (round the answer to three digits after decimal)?

b. What are quarterly payments if your current loan balance is $479,932? (Round the answer to the nearest dollar)

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