Agreement to repay the loan with quarterly payment

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Reference no: EM13878140

The Owner of a small business borrowed $70,000 with an agreement to repay the loan with quarterly payment over a five year time period. If the interest rate is %12 per year compounded quarterly, his loan payment each quarter is nearest to:

A) $2,605

B) $5,864

C) $9,375

D) $19,419

Reference no: EM13878140

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