The Omega Venture Group needs to borrow to finance a project. Repayment of the loan involves payments

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The Omega Venture Group needs to borrow to finance a project. Repayment of the loan involves payments of $8500 at the end of every three months for eight years. No payments are to be made during the development period of three years. Interest is 9% compounded quarterly.
(a) How much should the Group borrow?
(b) What amount will be repaid?
(c) How much of that amount will be interest?
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Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

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