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Find what quarterly payments are required on the loan

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Reference no: EM132614207

Mr. Bean wants to borrow $7500 for three years. The interest rate is 9% compounded monthly.

Question a: What quarterly payments are required on the loan?

Question b: With the quarterly payments that were calculated in part a, what will be the balance owed on the loan at the start of the third year?

Reference no: EM132614207

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