Question: please explain by steps Question 11.02 A borrower takes out a loan of 700. The annual interest rate is 8% convertible quarterly. The borrower makes

please explain by steps

Question 11.02 A borrower takes out a loan of 700. The annual interest rate is 8% convertible quarterly. The borrower makes payments of 14 at the end of each quarter. Calculate the amount of principal paid in the fifth payment. B4 C 7 D 11 E 14

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