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12. Mr. Peter takes out a mortgage of $50000 to buy a house. The mortgage will be paid over 20 years with interest paid

12. Mr. Peter takes out a mortgage of $50000 to buy a house. The mortgage will be paid over 20 years with interest paid quarterly. Given that the nominal interest rate is 15%, a- what is the quarterly loan payment? b- also calculate the remaining balance at the end of year 3.

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