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What is the size of the final payment

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Q1) Peter purchased a cottage for $349000. He paid $36000 down and agreed to make equal payments at the end of every month for 12 years. Interest is 2% compounded monthly. How much will he owe after 9 years?

Q2) A loan of $38300 is repaid by payments of $600 at the end of every quarter. Interest is 4% compounded quarterly. What is the size of the final payment?

Reference no: EM133162963

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