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Pete has been in discussions with his loan officer about a three ( 3 ) year loan to fund his upcoming wedding. He is willing

Pete has been in discussions with his loan officer about a three

(3)

year loan to fund his upcoming wedding. He is willing to make quarterly payments of $

85 000 .

The annual rate of interest on similar loans is

8.5 %

compounded quarterly. How much will Pete be able to borrow to fund his wedding?

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