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Question 7 Alpha Ltd. has just borrowed to finance one of its projects. The loan contract specifies that the company will make a quarterly payment

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Question 7 Alpha Ltd. has just borrowed to finance one of its projects. The loan contract specifies that the company will make a quarterly payment of $5,235 for five years. The lender quoted Alpha a rate of 5.60% p.a. compounding monthly. What is the amount Alpha has borrowed? Show your workings and round your final answers to two decimal places. Total marks: 10 marks

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