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Imagine you purchased a new 2021 surf boat for $243,559 You obtained a 7 year loan with an annual interest rate of 5.5%. What are

  1. Imagine you purchased a new 2021 surf boat for $243,559 You obtained a 7 year loan with an annual interest rate of 5.5%. What are your quarterly payments using the constant payment method? What is the total interest paid on the surf boat?

  1. How much money would you have to deposit at the end of each year if you want to have $243,559 in 25 years if the annual interest rate is 6%?

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