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Question 1 1 A loan of $ 1 2 , 0 0 0 is repaid with annual payments of $ 1 , 5 0 0
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A loan of $ is repaid with annual payments of $ starting from the end of the
second year and continuing as long as necessary. The nominal interest rate is convertible
quarterly.
Calculate the time and amount of the final payment if it is a drop payment.
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