The interest rate on a $100,000 loan is 7.5% compounded quarterly. a. What quarterly payments will reduce
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a. What quarterly payments will reduce the balance to $75,000 after five years?
b. If the same payments continue, what will be the balance 10 years after the date that the loan was received?
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a The original loan equals the combined present value of 5 years payments and the 75000 bala...View the full answer
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