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a loan of $60,000 us taken out at a nominal annual rate of interest of 8% compounded quarterly. Quarterly payments of size $2,500 are made
a loan of $60,000 us taken out at a nominal annual rate of interest of 8% compounded quarterly. Quarterly payments of size $2,500 are made at the end of each quarter until the loan is paid off (the last payment will most likely be less than 2,500). Find the balance on the loan at the end of the 4th year.
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