Find the value of the quarterly payment

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Question - Millenium Fitness borrowed $189 000 to purchase equipment for their gym. The interest rate being charged on the loan is 9.6% compounded quarterly and they will be making quarterly payments for five years.

a. Find the value of the quarterly payment.

b. Find the principal paid off by payments 12 through 15, inclusive.

c. Find the interest component of payment #7.

Reference no: EM133075832

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