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Jane borrows $120,000 at 9.5 percent per annum interest compounding quarterly. She pays regular installments to the bank at the end of each quarter and intends to pay off the loan within four years. What quarterly installment does Jane pay the bank?

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Jane borrows $120,000 at 9.5 percent per annum interest compounding quarterly. She pays regular installments to the bank at the end of each quarter and intends to pay off the loan within four years. What quarterly installment does Jane pay the bank?






 
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