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a&b The Superior Tool Company is repaying a debt of $16,000 by payments of $1000 made at the end of every three months. Interest is
a&b
The Superior Tool Company is repaying a debt of $16,000 by payments of $1000 made at the end of every three months. Interest is 7.5% compounded monthly. (a) How many payments are needed to repay the debt? (b) What is the size of the final payment? (a) The number of payments to be made is (Round up to the nearest whole number.)Step by Step Solution
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