Question
1. You are considering taking out a loan of $11,000.00 that will be paid back over 12 years with quarterly payments of $354.98. If the
1. You are considering taking out a loan of $11,000.00 that will be paid back over 12 years with quarterly payments of $354.98. If the interest rate is 7.8% compounded quarterly, what would the unpaid balance be immediately after the twelfth payment? The unpaid balance would be $___. (Round to 2 decimal places.)
2. After graduating with a master's degree, Brianna combined all of her student loans into a single loan of $21,000.00 with an interest rate of 3.2% compounded quarterly. If she is planning to pay off the loan in 8 years, what will her quarterly payment be? The quarterly payment would be $___. (Round to 2 decimal places.)
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