What is the total payment due in the last quarter

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Reference no: EM132017952

Mary’s Manufacturing borrows $100,000 from a bank. The loan has to be repaid over 7 years, but the regular payments are calculated as though it were a 14 year loan. Payments are due quarterly. The APR is 12%. What is the regular payment (quarters 1 through 19)? What is the total payment due in the last quarter (quarter 20)?

Reference no: EM132017952

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