Jeffrey's student loan of $28,500 at 3.62% 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 1 year? Round to the nearest cent Show financial calculator way
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Step 1
The quarterly interest rate is 3.62%, so we need to convert it to a monthly rate. We can do this by dividing the annual rate by 12. Monthly interest rate = 3.62% / 12 = 0.302% = 0.00302 Show more…
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