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Determine sandy quarterly loan payment

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Sandy Kupchack just graduated from State University with a bachelor's degree in history. During her four years at the university, Sandy accumulated $12,000 in student loans. She asks for your help in determining the amount of the quarterly loan payment. She tells you that the loan must be paid back in five years and that the annual interest rate is 8%. Payments begin in three months. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)

Required:

Question 1: Determine Sandy's quarterly loan payment. (Round your final answers to nearest whole dollar amount.) Table or calculation function PV Payment - n = i = Future Value

Reference no: EM132576745

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