Question: The interest rate on a $100,000 loan is 7.5% compounded quarterly. a. What quarterly payments will reduce the balance to $75,000 after five years? b.

The interest rate on a $100,000 loan is 7.5% compounded quarterly.
a. What quarterly payments will reduce the balance to $75,000 after five years?
b. If the same payments continue, what will be the balance 10 years after the date that the loan was received?

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