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13 August, 03:24

Brian took eight years to pay off his $71,900 loan. The loan had an interest rate of 8.16%, compounded quarterly. If Brian paid quarterly and made the same payment every time, how much was each payment that he made?

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  1. 13 August, 03:39
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    So P=$71,900

    r=0.0816

    n=4 (because it is quarterly)

    and t=8 (because it took him 8 years to pay off his dept
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