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Amount of loan and interest rate

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Ben took up a loan to purchase a farm machine. The terms of his loan require him to make quarterly payments of $3,434 over 7 years.  The relevant rate of interest is 7.2% per year, compounded quarterly. For the same amount of loan and interest rate, will Ben pay off the  loan sooner if he makes quarterly payments of $3,876 instead? Show all relevant calculations to support your answer.

Reference no: EM132267392

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