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QUESTION
You need to borrow $85,000 for a new car. The annual interest rate is 9%, compounded quarterly. You will be making quarterly payments for three
You need to borrow $85,000 for a new car. The annual interest rate is 9%, compounded quarterly. You will be making quarterly payments for three years.
1. What is your quarterly payment?
2. How much will you owe on the loan after you make the first payment>
3. How much will you owe on the loan after you make the and payment?
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