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A $9,000 loan borrowed today is to be repaid by 3 equal payments due 7 months from now, 3 year and 4 months from now
A $9,000 loan borrowed today is to be repaid by 3 equal payments due 7 months from now, 3 year and 4 months from now and 6 years from now. Calculate the size of each payment if money is worth 2.56 % compounded quarterly.
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