Cathy Cortez-Ochoa borrowed $4,000 from her uncle who amortized the loan at 4.5% over 3 months. Using Table 14-1, the first two monthly payments are $1,343.35 each. (The last payment may be slightly different.) Complete the amortization schedule and solve the effective rate problem.

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The Answer of Cathy Cortez-Ochoa borrowed $4,000 from her uncle who amortized the loan at 4.5% over 3 months. Using Table 14-1, the first two monthly payments are $1,343.35 each. (The last payment may be slightly different.) Complete the amortization schedule and solve the effective rate problem.

Cathy Cortez-Ochoa Borrowed $4,000 from Her Uncle Who Amortized the Loan