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What is the loan amount

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Q1. You need a loan to purchase new equipment. The loan will be paid off over 12 years with payments made at the end of every quarter. If the stated annual rate is 07.00% and quarterly payments are $715, what is the loan amount?

Q2. You need a loan to purchase new equipment. The loan will be paid off over 10 years with payments made at the end of every quarter. If the stated annual rate is 18.00% and quarterly payments are $724, what is the loan amount?

Reference no: EM132129641

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