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Suppose you borrow $60,000 for five years. The lender charges 7.5% compounded quarterly. You will repay the loan by making equal quarterly payments over the
- Suppose you borrow $60,000 for five years. The lender charges 7.5% compounded quarterly. You will repay the loan by making equal quarterly payments over the next five years. Payments are made at the end of each quarter, with the first payment three months (i.e., one quarter) from today. How big are your quarterly loan payments?
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