A man borrows $500,000 at 15% interest compounded quarterly. (d) Suppose he sets up regular...
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Accounting
A man borrows $500,000 at 15% interest compounded quarterly.
(d) Suppose he sets up regular quarterly payments to amortize the loan in 25 years. At exactly 10 years, he pays triple the regular payment, and then continues with the original regular quarterly payments. Find the outstanding balance immediately after the payment at exactly 15 years.
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