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$10,000 is borrowed for 3 years at an 8% interest compounded quarterly. The loan is to be repaid in equal quarterly payments. a. How much

$10,000 is borrowed for 3 years at an 8% interest compounded quarterly. The loan is to be repaid in equal quarterly payments.

a. How much is the quarterly payment?

b. How much of the principle remains after the end of the second year (i.e. after the 8th payment)?

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