CTL (Concret Testing Lab) borrowed $80,000 for new equipment at 8 percent per year, compounded quarterly. It

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CTL (Concret Testing Lab) borrowed $80,000 for new equipment at 8 percent per year, compounded quarterly. It is to be paid back over 3 years in equal quarterly payments.

a. How much interest is in the sixth payment?

b. How much principal is in the sixth payment?

C. What principal is owed immediately following the sixth payment?

Related Book For answer-question

Financial Management for Public Health and Not for Profit Organizations

ISBN: 978-0132805667

4th edition

Authors: Steven A. Finkler, Thad Calabrese

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Posted Date: Jan 08, 2024 03:30 AM

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CTL (Concret Testing Lab) borrowed $80,000 for new equipment at 8 percent per year, compounded quarterly. It

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The detailed answer for the above question is provided below The loan details indicate that the interest rate is compounded quarterly and the repaymen... View the full answer

Financial Management for Public Health and Not for Profit Organizations

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