There is a 5-year, $80,000 loan is secured at a nominal rate of 4% per year,...

There is a 5-year, $80,000 loan is secured at a nominal rate of 4% per year, compounded quarterly. If immediately after making your second quarterly payment you decide to pay off the loan, what would be the balance amount? Draw a cash flow diagram for the answer and list all of calculation steps with an explanation sentence.

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jeff jeffy answered 1 year ago

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