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Mr. Bean wants to borrow $7500 for three years. The interest rate is 5.5% compounded monthly. a. What quarterly payments are required on the loan?

Mr. Bean wants to borrow $7500 for three years. The interest rate is 5.5% compounded monthly.

a. What quarterly payments are required on the loan?(Do not round intermediate calculations and round your final answer to 2 decimal places.)

b. What will be the balance owed on the loan at the start of the third year?(Do not round intermediate calculations and round your final answer to 2 decimal places.)

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