A loan is repaid with payments of $2725 made at the end of each quarter for...
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A loan is repaid with payments of $2725 made at the end of each quarter for 15 years. If interest on the loan is 14.5%, compounded monthly, what is the initial value of the loan? Enter to the nearest cent (two decimals). Do not use $ signs or commas. A loan is repaid with payments of $2725 made at the end of each quarter for 15 years. If interest on the loan is 14.5%, compounded monthly, what is the initial value of the loan? Enter to the nearest cent (two decimals). Do not use $ signs or commas.
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Answer rating: 100% (QA)
To find the initial value of the loan we can use the formula for the present value of an annuity due ... View the full answer
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