Bradley's student loan of $28,500 at 3.22% compounded quarterly was amortized over 3 years with payments made at the end of every month. What was the principal balance on the loan after 2 years?
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The annual interest rate is 3.22%. To convert it to a quarterly interest rate, divide it by 4 (since there are 4 quarters in a year). Quarterly interest rate = 3.22% / 4 = 0.805% Show more…
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