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majarm majarm
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7 years ago
A loan of $10 000.00 is repaid by quarterly payments of $1000.00 each at 12% compounded quarterly. What is the principal repaid by the 11th payment?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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#1
7 years ago
n =   =   =   = 12.06662371
PVn = 1000   
   = 1000(1.975284483) = $1975.28
Interest = 1975.28(0.03) = $59.26
Principal repaid = 1000 - 59.26 = $940.74
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