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A loan is to be repaid by twenty end of quarter payments of $1,000. The interest rate for the first two years is 6% convertible

  1. A loan is to be repaid by twenty end of quarter payments of $1,000. The interest rate for the first two years is 6% convertible quarterly, and last three years is 8% convertible quarterly. Find the outstanding loan balance just after the 5th payment.

Please don't use Excel! I'm looking to learn how to do it with the formulas.

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