A loan is repaid with payments of $6255 made at the end of each quarter for 8 years. If interest on the loan is 10.7%, compounded monthly, what is the initial value of the loan? Enter to the nearest cent (two decimals). Do not use $ signs or commas.
Added by Carolyn W.
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Number of payments per year = 4 (quarterly payments) Total number of payments over 8 years = 8 years * 4 payments per year = 32 payments Show more…
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