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A loan is to be repaid in end of quarter payments of $1,000 each, with there being 20 end of quarter payments total. The interest
A loan is to be repaid in end of quarter payments of $1,000 each, with there being 20 end of quarter payments total. The interest rate for the first two years is 6% convertible quarterly, and the interest rate for the last three years is 8% convertible quarterly. Find the outstanding loan balance right after the 6th payment.
Please show/explain your work, I'd like to learn how to do it without excel
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