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Tony has taken a $ 1 2 , 0 0 0 car loan. He wants to pay off this debt quickly, so he chooses to
Tony has taken a $ car loan. He wants to pay off this debt quickly, so he chooses to pay it in just two years. The loan has a nominal interest rate, compounded quarterly.a He will make quarterly payments. Draw the cash flow diagram. b What is his quarterly payment?c Complete the amortization table, showing the amounts for each payment, interest, and principal.
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