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Hi, please show your workings/steps clearly so that I can understand and learn. Thank you! Question 3 12 pts Suppose you have $250,000 of loan.

Hi, please show your workings/steps clearly so that I can understand and learn. Thank you!image text in transcribed

Question 3 12 pts Suppose you have $250,000 of loan. The terms of the loan are that the yearly interest is 6% compounded quarterly. You are to make equal quarterly payments of such magnitude as to repay this loan over 30 years. (Keep all your answers to 2 decimal places, e.g. XX.12.) (a) How much are the quarterly payments? (b) After 5 years' payments, what principal remains to be paid? (c) How much interest is paid in the first quarter of the 6th year? (d) How much is the total interest paid over the 30 years? (e) If you have a lump sum payment of $20,000 at the end of 5 years, and maintain the same level of quarterly payment, when will you pay off your loan, i.e. how many years in total will you pay off the loan

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