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Two years ago, Apex Systems Inc. borrowed $ 5 0 , 0 0 0 at 8 . 7 5 % compounded semi - annually for

Two years ago, Apex Systems Inc. borrowed $50,000 at 8.75% compounded semi-annually for a term of six years. Apex now wishes to pay oft this loan by making a $25,000 payment in six months, and a second payment of the outstanding balance in two years. If money is now worth 1.3% compounded quarterly, determme the amount of the second payment. Use two years from today as the focal date.

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