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Your cousin decided to help you out with your business idea and lent you $10,900. Your cousin does know what time value of money means,
Your cousin decided to help you out with your business idea and lent you $10,900. Your cousin does know what "time value of money" means, and so he did charge you an interest rate, 7% per year. He wants you to pay him the loan back, with interest, in equal amounts paid at the end of each quarter, for the next 6 years, until the loan is fully paid off. How much will you be owing him each quarter
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