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What is the principal repaid in the seventh payment

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Reference no: EM132721930

Problem 1: A car loan of $25,000 is amortized over 4 years by equal end-of-quarter payments at 4.99% compounded annually. What is the principal repaid in the 7th payment?

Select one:

a. $1531.82
b. $1730.12
c. $4273.22
d. $6607.96

Reference no: EM132721930

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