Interest deferred period the loan accumulated interest

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Bank of Land lends you money today but requires no payments for 3 years. However, during this interest deferred period the loan accumulated interest at 6% rate, compounded quarterly. The bank amortizes the loan over five year period, requiring quarterly payments and continuing charge 6% annual interest rate, compounded quarterly. What will be the quarterly payment will be on today’s loan of $20,000?

Reference no: EM13728410

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