DataDyne Corp. borrowed $80,000 at 6% compounded quarterly for five years to buy a warehouse....
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DataDyne Corp. borrowed $80,000 at 6% compounded quarterly for five years to buy a warehouse. This loan is repaid with equal payments of $1545.52 made at the end of every month.
a) How much of the principal was paid in the sixth payment period?
b) How much interest was paid in the first two years of payments?
c) What is the balance after the 31st payment period?
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