The interest rate on a $200,000 loan is 8% compounded quarterly.
a) What payments at the end of every quarter will reduce the balance to $150,000 after 3½ years?
b) If the same payments continue, what will be the balance seven years after the date that the loan was received?
c) How much interest will be paid during the first seven years?

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The Answer of The interest rate on a $200,000 loan is 8% compounded quarterly.
a) What payments at the end of every quarter will reduce the balance to $150,000 after 3½ years?
b) If the same payments continue, what will be the balance seven years after the date that the loan was received?
c) How much interest will be paid during the first seven years?

The Interest Rate on a $200,000 Loan Is 8% Compounded