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An amortized loan is being repaid with quarterly payments at the end of each quarter for 10 years. The first 20 payments are 1000 each
An amortized loan is being repaid with quarterly payments at the end of each quarter for 10 years. The first 20 payments are 1000 each and the remaining payments are 2000 each. Given i(4)= 8%, calculate, (i) the initial loan amount, (ii) the outstanding balance just after the third payment, (iii) the outstanding balance at the end of the seventh year.
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