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A debt of $34,000 is repaid over 10 years with payments occurring quarterly. Interest is 5% compounded annually. (a) What is the size of the
A debt of $34,000 is repaid over 10 years with payments occurring quarterly. Interest is 5% compounded annually. (a) What is the size of the periodic payment? (b) What is the outstanding principal after payment 11? (c) What is the interest paid on payment 12 ? (d) How much principal is repaid in payment 12? (a) The size of the periodic payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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