Question: Mr . Bean wants to borrow $ 9 , 0 0 0 for three years. The interest rate is 7 . 0 % compounded monthly.

Mr. Bean wants to borrow $9,000 for three years. The interest rate is 7.0% compounded monthly.
a. What quarterly payments are required on the loan? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
PMT $
b. What will be the balance owed on the loan at the start of the third year? (Round PMT calculation to 2 decimal places. Do not round other intermediate calculations and round your final answer to 2 decimal places.)
Balance owed $

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