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Marie bought a property on credit. She will be forced to make quarter-end payments to pay it off for 20 years. The property in question
Marie bought a property on credit. She will be forced to make quarter-end payments to pay it off for 20 years. The property in question has a cost of $ 12,000. The nominal interest rate is 5.5%, compounded quarterly. Right after the payment for the last quarter of Year 15, Mary decides to sell the property and pay off the remaining debt. How much does she owe at that time?
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