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Consider a loan of $1400 at 5% compounded quarterly, with 6 quarterly payments. Find the following. (a) the payment necessary to amortize the loan (b)

Consider a loan of $1400 at 5% compounded quarterly, with 6 quarterly payments.

Find the following.

(a) the payment necessary to amortize the loan

(b) the total payments and the total amount of interest paid based on the calculated quarterly payments

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