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A debt of $39,000 is repaid over 9 years with payments occurring quarterly. Interest is 10% compounded annually. (a) What is the size of the
A debt of $39,000 is repaid over 9 years with payments occurring quarterly. Interest is 10% compounded annually.
(a) What is the size of the periodic payment?
(b) What is the outstanding principal after payment 12?
c) What is the interest paid on payment 13?
d) How much principal is repaid in payment 13?
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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