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Today, you borrowed $5,000 and have agreed to pay off the loan by making equal quarterly payments. Assume the effective quarterly interest rate is 1.2%.
Today, you borrowed $5,000 and have agreed to pay off the loan by making equal quarterly payments. Assume the effective quarterly interest rate is 1.2%. If you were preparing an amortization schedule and the ending balance after your first payment (i.e. at the end of the first quarter) was $4,560, what must be your quarterly payment amount?
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