Interest rate and compounding frequency remain the same

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Suppose you borrowed $10,000 at an interest rate of 12%, compounded quarterly over 36 months. At the end of the first year (after 4 payments), you want to negotiate with the bank to pay off the remainder of the loan in 4 equal semi-annual payments. What is the amount of these payments, if the interest rate and compounding frequency remain the same?

Reference no: EM13854767

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