Question: You must show work (using the formulas from class where applicable) to receive credit. 17. (10 points) A bank offers you a loan of $10,000

You must show work (using the formulas from class where applicable) to receive credit. 17. (10 points) A bank offers you a loan of $10,000 at 7.284% interest compounded quarterly, which you will repay by making quarterly payments of $935.23 for 3 years. (a) What is the remaining balance on the loan after 1 year? Round your final answer to 2 decimal places. (b) Which formula did you use in part (a), and why? (c) What is the total amount of interest paid on the loan? Round your final answer to 2 decimal places

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