An auto repair shop borrowed $16,000 to be repaid by quarterly payments over 4 years. Interest on

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An auto repair shop borrowed $16,000 to be repaid by quarterly payments over 4 years. Interest on the loan is 8% compounded quarterly.

(a) What is the size of the periodic payment?

(b) What is the outstanding principal after payment 10?

(d) How much principal is repaid in payment 11?

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Financial Accounting A User Perspective

ISBN: 978-0470676608

6th Canadian Edition

Authors: Robert E Hoskin, Maureen R Fizzell, Donald C Cherry

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Posted Date: Jun 29, 2022 03:35 AM

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An auto repair shop borrowed $16,000 to be repaid by quarterly payments over 4 years. Interest on

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Expert Answer:

The periodic payment is 45360 This can be found by taking the total loan amount of 16000 and multiplying it by the interest rate of 8 which equals 128... View the full answer

Financial Accounting A User Perspective

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