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11. (20 Points) This problem is to be done in the space below: Fort Schuyler Engineering, Inc., has borrowed $800,000. for new cambi tion equipment.

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11. (20 Points) This problem is to be done in the space below: Fort Schuyler Engineering, Inc., has borrowed $800,000. for new cambi tion equipment. The loan is at a nominal rate of 5.97%, compounded monthly, for a term of five years. If the loan is to be repaid quarterly, what will be the amount of the payment? (b) What is the financial advantage of reparing the loan quarterly rather than monthly, if any

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