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2) Sara's Auto Repair Shop borrowed $70,000 to be repaid by monthly payments of $900 at the end of each month. If the interest
2) Sara's Auto Repair Shop borrowed $70,000 to be repaid by monthly payments of $900 at the end of each month. If the interest rate on the loan is 14% compounded quarterly, determine: (10 total-Ch.14) (a) How many payments are required to pay off the loan (Find "n")? (2) (b) What is the size of the last payment? (2 marks) (c) What is the amount of interest paid in the 9" payment? (2 mark) (d) How much principal is repaid in the 59th payment? (2 mark) (e) How much is still owing after 49th payment? (2 mark)
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