Lea borrowed $15,000 from her parents and promised to repay it over a 5-year period through...
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Lea borrowed $15,000 from her parents and promised to repay it over a 5-year period through equal installments made at the end of each quarter. If an interest rate of 4% per year is charged on the unpaid balance and interest calculations are made at the end of each quarter. What is the beginning balance for the third payment? Lea borrowed $15,000 from her parents and promised to repay it over a 5-year period through equal installments made at the end of each quarter. If an interest rate of 4% per year is charged on the unpaid balance and interest calculations are made at the end of each quarter. What is the beginning balance for the third payment?
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