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A what is the loan amount b what is the loans effective

The quarterly payment on a 10-year loan is $1867.50. The loan's interest rate is a 5.1% annual percentage rate (APR) and payments are end-of-quarter. (a) What is the loan amount? (b) What is the loan's effective annual rate (EAR)? (c) What will the loan balance be immediately after the 29th payment is made?

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Finance Basics: A what is the loan amount b what is the loans effective

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