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A loan is being repaid with 20 payments of $ 1,000 at the end of each...

A loan is being repaid with 20 payments of $ 1,000 at the end of each quarter. Given that the nominal rate of interest is 8% per year compounded quarterly, find the outstanding balance of the loan immediately after 10 payments have been made (a) by the prospective method, (b) by the retrospective method.

Please solve by hand, I need to know how to complete the problem without a financial calculator. Thank you.

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