1) You borrow $10,000 today to buy a car. The $10,000 loan is repaid over six...
1) You borrow $10,000 today to buy a car. The $10,000 loan is repaid over six years and has an interest rate of 12% p.a. compounded quarterly. What is the amount of principal repaid at the end of the first quarter?
a. $590.47
b. $890.47
c. $1,200
d. $900
e. $290.47
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