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Comfort swim borrowed $100 000 for replacement of equipment. The debt is repaid in installments of $5000 made at the end of every three months.

Comfort swim borrowed $100 000 for replacement of equipment. The debt is repaid in installments of $5000 made at the end of every three months.

a) If interest is 7% compounded quarterly, how many payments are needed?

b) How much will Comfort Swim owe after two years?

c) How much of the 12th payment is interest?

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