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A construction company signed a loan contract at 7.19% compounded quarterly, with the provision to pay $580 at the end of each month for four
A construction company signed a loan contract at 7.19% compounded quarterly, with the provision to pay $580 at the end of each month for four years.
(a) What is amount of the loan?
(b) How much will be owed at the end of fifteen months?
(c) How much of the principal will be repaid within the first fifteen months?
(d) How much interest is paid during the first fifteen months?
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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