Question: A loan granted today will be repaid by payments of $500 per month running for 3 1/2 years. The first payment is due 2 years

A loan granted today will be repaid by payments of $500 per month running for 3 1/2 years. The first payment is due 2 years and 10 months from today. What amount was borrowed if the interest rate on the loan is 9% compounded quarterly?

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