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The fact pattern below only applies to #Q5 as shown below. #Q5 asks for the size of a regular payment needed to amortize a loan.
The fact pattern below only applies to #Q5 as shown below. #Q5 asks for the size of a regular payment needed to amortize a loan. Now assume Annie Company is considering borrowing by signing a note payable with an interest rate of 12% and the note's final quarterly payment will occur on December 31, Year 4. The amount borrowed on December 31, Year 1, is still $6,000. The first loan payment will occur on March 31, Year 2. The final payment on this loan will occur on December 31, Year 4. If using tables, do not round your factors. Leave the factors showing five digits to the right of the decimal. Show your final answer rounded to whole dollars, without '$' signs and without commas. #Q5. Show the size of each of the equal quarterly payments made to amortize the loan over its term
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