What is the loan amount
Problem
You need a loan to purchase new equipment. The loan will be paid off over 3 years with payments made at the end of every quarter. If the stated annual rate is 9.67% and quarterly payments are $948, what is the loan amount?
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You need a loan to purchase new equipment. If the stated annual rate is 9.67% and quarterly payments are $948, what is the loan amount?
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