A loan of $7200 is repaid by payments of $360 at the end of every three months.

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A loan of $7200 is repaid by payments of $360 at the end of every three months. Interest is 11% compounded quarterly.
(a) How many payments are required to repay the debt?
(b) What is the size of the final payment?

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Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

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Question Posted: Feb 26, 2016 04:10 AM

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A loan of $7200 is repaid by payments of $360 at the end of every three months.

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a END mode PY 4 CY 4 11 IY 7200 PV 360 PMT 0 FV CPT N ...View the full answer

Contemporary Business Mathematics with Canadian Applications

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