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You need to construct an amortization schedule for a $400, 12% nominal rate loan with 8 quarters equal payments . Note: To receive full credit,
You need to construct an amortization schedule for a $400, 12% nominal rate loan with 8 quarters equal payments.
Note: To receive full credit, show numbers / formulas you used to get your answer(s).
a. (10 points) Find quarterly payment.
b. (5 points)Find periodic rate.
c. (5 points)Find the ending balance of first quarter.
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