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Mary-Beth would like to borrow $47,700 to pay one year's tuition at a private U. university. She would like to make quarterly payments and finish...
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Question

Mary-Beth would like to borrow $47,700 to pay one year's tuition at

a private U.S. university. She would like to make quarterly payments and finish repaying the loan in 6 years. If the bank is quoting her a rate of 5 percent compounded monthly.


Determine her quarterly payment. (Round effective interest rate to 4 decimal places, e.g. 25.1253% and final answer to 2 decimal places, e.g. 125.12.)

Step-by-step answer

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Subject: Business, Finance

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