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An amortizing loan is being paid off with level payments every quarter. The loan has an annual nominal interest rate of 12% compounded quarterly. The
An amortizing loan is being paid off with level payments every quarter. The loan has an annual nominal interest rate of 12% compounded quarterly. The outstanding balance after one year is $450,000, and after one year and 3 months the outstanding balance is $420,000. What amount of the 8th payment (the quarterly payment made at the end of 2 years) will be principal repayment? (a) $32,782 (b) $33,109 (c) $34,077 (d) $30,000 (e) $96,809
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