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8) A loan of $50,000 is taken out today at 16% compounded annually. It will be repaid over 7 years with end-of quarter payments

8) A loan of $50,000 is taken out today at 16% compounded annually. It will be repaid over 7 years with end-of quarter payments BUT will be deferred for 2 years. (6 marks-total timeline is 9 years) a) How much is owing in 2 years? b) How large are the quarterly payments (end), over the 7 years?

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