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A loan of $ 1 0 , 2 0 0 is to be amortized with quarterly payments over 6 years. If the interest on the
A loan of $ is to be amortized with quarterly payments over years. If the interest on the loan is per year, paid on the unpaid balance, answer the following questions.
a What is the interest rate charged each quarter on the unpaid balance?
b How many payments are made to repay the loan?
c What payment is required quarterly to amortize the loan?
a The interest rate each quarter is
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