A $60,000 loan was amortized over 14 years at 3.80% compounded monthly. Payments were made at the

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A $60,000 loan was amortized over 14 years at 3.80% compounded monthly. Payments were made at the end of every quarter to clear the loan. a. What is the size of the payments at the end of every quarter? b. What was the balance at the end of 3 years? c. What was the interest portion of payment 28? d. What was the principal portion of payment 11? e. How much interest was paid in year 6

Posted Date: Jun 21, 2024 09:12 AM

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A $60,000 loan was amortized over 14 years at 3.80% compounded monthly. Payments were made at the

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