How much is the cost of financing

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Reference no: EM133647533

Question

A series of payments increasing at a constant rate of 1.5% are made at the end of each quarter 10 years to resolve a loan issued today. The size of the first deposit is $1,300 and the fund earns interest at 4% compounded quarterly. What is the amount of the original loan (today's value of the loan)? How much is the cost of financing? (Calculate how much extra is paid).

Reference no: EM133647533

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