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Asked Dec 4, 2019
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A recent graduate's student loans total $14,000. If these loans are at 4.8%, compounded quarterly, for 10 years, what are the quarterly payments? (Round your answer to the nearest cent.)
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A recent graduate's student loans total $14,000. If these loans are at 4.8%, compounded quarterly, for 10 years, what are the quarterly payments? (Round your answer to the nearest cent.) tA

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Step 1

Given:

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A recent graduate's student loans total $14,000 with 4.8% compound quarterly for 10 years

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Step 2

Calculation:

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To find the quarterly payments: The formula to find the present value of the ordinary annuity by the payments is 1-(1+)) A R i

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Step 3
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From the given information, A 14000 4.8 1 i 4.8%= = 0,012 100 4 n =10x 4 40

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