Alyshawould like to borrow $35,000to pay one year's tuition at a private U.S. university. She...
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Alyshawould like to borrow $35,000to pay one year's tuition at a private U.S. university. She would like to make quarterly payments and finish repaying the loan in5years. If the bank is quoting her a rate of7percent compounded monthly, determine her quarterly payment.(Round effective interest rate to 4 decimal places, e.g. 25.1253% and final answer to 2 decimal places, e.g. 125.12.)
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