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Mr. Pink has just obtained a 5-year loan of $3,500 from his bank. The quoted rate on this loan is 8.5% compounded quarterly. Mr. Pink

Mr. Pink has just obtained a 5-year loan of $3,500 from his bank. The quoted rate on this loan is 8.5% compounded quarterly. Mr. Pink is required to make a loan payment at the end of each year. What are the interest payment and principal repayment in the third year?

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