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CTL (Concrete Testing Lab) borrowed $160,000 for new equipment at 8% per year, compounded quarterly. It is to be paid back over 5 years in

CTL (Concrete Testing Lab) borrowed $160,000 for new equipment at 8% per year, compounded quarterly. It is to be paid back over 5 years in equal quarterly payments.

a) How much interest is in the 6th payment?

b) How much principal is in the 6th payment?

c) What principal is owed immediately following the 6th payment?

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