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An auto repair shop borrowed $14,000 to be repaid by quarterly payments over 5 years. Interest on the loan is 12% compounded quarterly. (a) What
An auto repair shop borrowed $14,000 to be repaid by quarterly payments over 5 years. Interest on the loan is 12% compounded quarterly. (a) What is the size of the periodic payment? (b) What is the outslanding principal after payment 13? (c) What is the interest paid on payment 14 ? (d) How much principal is repaid in payment 14 ? (a) The size of the periodic payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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