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How many payments are required to repay the loan

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Reference no: EM132892189

Problem 1: A loan of $19 850.00 is to be repaid in quarterly payments of $620.00. How many payments are required to repay the loan at 6.5% compounded quarterly?

Option 1: 36 Quarterly Payments

Option 2: 66 Quarterly Payments

Option 3: 46 Quarterly Payments

Option 4: 56 Quarterly Payments

Option 5: 26 Quarterly Payments

Reference no: EM132892189

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