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A loan is being repaid with 20 payments of $ 1,000 at the end of...

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Accounting

A loan is being repaid with 20 payments of $ 1,000 at the end of each quarter. Given that the nominal rate of interest is 8% per year compounded quarterly, find the outstanding balance of the loan immediately after 10 payments have been made (a) by the prospective method, (b) by the retrospective method.

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