Sammie is repaying a loan with quarterly payments for 30 years. The payments in the first...

Sammie is repaying a loan with quarterly payments for 30 years. The payments in the first year are 25 each. The payments in the second year are 50 each. The payments in the third year are 75 each. The payments continue to increase in the same pattern until the payments in the 30th year are 750 each. The loan has a nominal interest rate of 6% compounded quarterly. Calculate the amount of Sammie’s loan.

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jeff jeffy answered 1 year ago

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