Question: A couple borrows $A today at 12% compounded annually. The loan is to be repaid over 4-years with quarterly payments of $500$500, the first payment

A couple borrows $A today at 12% compounded annually. The loan is to be repaid over 4-years with quarterly payments of \$500$500, the first payment due 3-months from today. If simple interest is credited for fractional interest periods, what is $A?

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