Question: A tradesman entered into loan commitments which required him to pay $73298 at the end of year 4 and $30002 at the end of

A tradesman entered into loan commitments which required him to pay $73298 at the end of year 4 and $30002 at the end of year 6. His business is now making such good profits that he decides to pay off both loans at the end of year 3. How much should he pay at that time, if the interest rate is 8.6% p.a., compounded quarterly?

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