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A loan of $5000 is repaid by 20 quarter payments of $280, with the first payment due in a quarter. (a) What is the interest

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A loan of $5000 is repaid by 20 quarter payments of $280, with the first payment due in a quarter. (a) What is the interest rate per annual? [5 marks] (b) With the interest found in part (a), how many quarters will it take to pay off the loan if the payment is only $250 per quarter? [5 marks]

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