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A debt of $24,000 is repaid by quarterly payments of $1,100 made at the end of every three months. Interest is 6% compounded quarterly. a.
A debt of $24,000 is repaid by quarterly payments of $1,100 made at the end of every three months. Interest is 6% compounded quarterly. a. How many payments are needed to repay the debt? ____________ b. What is the outstanding balance after 25 payments have been made? ____________ c. Prepare a partial amortization schedule showing details of the first two payments, the last two payments and totals.
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