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Question 4 A loan of 500000 is amortized over twenty years with equal size quarterly payments (i.e. end of quarter) at a nominal annual interest

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Question 4 A loan of 500000 is amortized over twenty years with equal size quarterly payments (i.e. end of quarter) at a nominal annual interest rate of 3% compounded quarterly. Calculate the amount of interest paid in the 20th payment. Give your answer rounded to the nearest whole number (i.e. X). Selected Answer: 3369 Response Feedback: Incorrect

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