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Math of Finance Help Needed?? |
AdriAnne and Anna鈥檚 Auto Repair wants to add a new service bay. How much can they borrow at an annual rate of 7%, compounded quarterly, if the desired quarterly payment is $6100? Assume a loan period of 4.5 years. Let v = 1/(1+i) where i is the interest rate per period. Here i=.07/4. |
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