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Question 2 (6 points] Biotech Company takes out a 518 000 loan that charges 8% interest compounded annually has fixed quarterly payments of $800. Answer

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Question 2 (6 points] Biotech Company takes out a 518 000 loan that charges 8% interest compounded annually has fixed quarterly payments of $800. Answer the following questions For full marks your answer should be founded to the nearest cont a) How long will it take to pay off the loan? Your answer should be rounded to the appropriate whole period 0 years, 0 months b) What is the principal component of the 10th payment? Principal = $ 0.00 c) What is the total interest paid for payments 19 through 22? Interest = $ 0.00

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