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Assume a loan of $20,000.00 is amortized over 5 years with quarterly payments and an interest of i^(4)=8%. Find the outstanding balance after the end
Assume a loan of $20,000.00 is amortized over 5 years with quarterly payments and an interest of i^(4)=8%. Find the outstanding balance after the end of the third year. How much total interest was paid as part of the first payment in the fourth year.
(Do not construct amortization table, do not use excel, do not use graphing calculator.)
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