Question: Jack borrows $16,000 to be repaid in 4 equal year-end amounts over 4 years. If the interest rate is 14.2% per annum compounded quarterly,

Jack borrows $16,000 to be repaid in 4 equal year-end amounts over

Jack borrows $16,000 to be repaid in 4 equal year-end amounts over 4 years. If the interest rate is 14.2% per annum compounded quarterly, Jack's annual repayment is (rounded to nearest dollar; don't include the $ sign or commas): Answer:

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