Question 3 Deandre borrowed from a bank at 4.83% compounded quarterly; he settled the loan by repaying $716 at the end of every three months for 9 years. a) What was the amount of loan received? $ b) What was the amount of interest charged? $ TVM Solver Next Question
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Since the loan is compounded quarterly and Deandre repays every three months, there are 9 years * 4 quarters = 36 compounding periods. Show more…
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