exercise 6-15 solving for unknown annuity amount [lo8]

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sandy kupchack just graduated from state university with a bachelors degree in history. during her four years at the u, sandy accumulated $12,000 in student loans. she asks for your help in determining the amount of the quarterly loan payment. she tells you that the loan must be paid back in five years and that the annual interest rate is 8%. payments begin in three months.
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