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Alex loans Nomar $200,000 at a rate of 12% nominal interest convertible quarterly. They agree that Nomar will repay the loan by making quarterly payments.
Alex loans Nomar $200,000 at a rate of 12% nominal interest convertible quarterly. They agree that Nomar will repay the loan by making quarterly payments. These payments will each be $25,000 except for the last payment which will be a drop payment. Find the total length of the loan. (Round your answer up to the nearest integer.) payments Find the amount of the final payment. (Round your answer to the nearest cent.) $
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