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What is the loan amount

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The quarterly payment on a 10-year loan is $1867.50. The loan's interest rate is a 5.1% annual percentage rate (APR) and payments are end-of-quarter.

(a) What is the loan amount?

(b) What is the loan's effective annual rate (EAR)?

(c) What will the loan balance be immediately after the 29th payment is made?

 

Reference no: EM132125205

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