Question: Please write all steps. Mr Davis bought a life insurance policy ten years ago that now has a cash value of $500,000. Mr. Davis would

Please write all steps. Mr Davis bought a life insurance policy

Please write all steps.

Mr Davis bought a life insurance policy ten years ago that now has a cash value of $500,000. Mr. Davis would like to borrow $100,000 of this money and pay back with 15 end of year payments at an annual rate of 8% compounded quarterly. What effective rate will Mr. Davis be paying and how much will his payments be? $11,857.03

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