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3. (2+1+1.5 +1.5 = 6 points) A person borrowed $16,000 from a bank at 2% interest compounded quarterly for 4 years. a) Find the quarterly

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3. (2+1+1.5 +1.5 = 6 points) A person borrowed $16,000 from a bank at 2% interest compounded quarterly for 4 years. a) Find the quarterly payment necessary to amortize the loan. b) Find the total amount of interest the person paid to the bank. c) Calculate the unpaid balance after 3 years. d) Complete the following amortization table for the first two payments. Payment Period 2 Payment Amount 1,043.03 Interest Deduction 963.03 Principal 14,069.12

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