Find total length of loan and amount of the final payment

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Reference no: EM131552823

Alex loans Nomar $200,000 at a rate of 4% nominal interest convertible quarterly. They agree that Nomar will repay the loan by making quarterly payments. These payments will each be $25,000 except for the last payment which will be a drop payment. Find the total length of the loan and the amount of the final payment.

Reference no: EM131552823

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