A $10,000 loan is to be amortized for 10 years with quarterly payments of $334.27. If the interest rate is 6%, compounded quarterly, what is the unpaid balance immediately after the sixth payment? (Round your answer to the nearest cent.
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Since the annual interest rate is 6%, the quarterly interest rate is 6%/4 = 1.5% or 0.015 as a decimal. Show more…
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