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Annuity present value equation

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Today, you borrowed $10,000 at 3.5% with bi-weekly compounding. You have agreed to pay off the loan over 3 years by making equal quarterly payments. If you were solving for your unknown quarterly payment amount using the annuity present value equation, what interest rate would you use? (Hint: You don't actually need to solve for your unknown payment amount.)

Reference no: EM132662017

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