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(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) An auto repair shop borrowed
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
An auto repair shop borrowed $12,000 to be repaid by quarterly payments over 5 years. Interest on the loan is 3% compounded quarterly. (a) What is the size of the periodic payment? (b) What is the outstanding principal after payment 12? (c) What is the interest paid on payment 13? (d) How much principal is repaid in payment 13Step by Step Solution
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