A group of private investors purchased a condominium, Financial Management

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A group of private investors purchased a condominium

A group of private investors purchased a condominium complex for $3 million. They made an initial down payment of 15% and obtained financing for the balance. The loan is to be amortized over 11 years at an interest rate of 15% per year compounded quarterly. (Round your answers to the nearest cent.) What is the required quarterly payment?

How much total interest will be paid on the loan?

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Financial Management: A group of private investors purchased a condominium

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