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Modeling loans
I need to see the progress
of a loan of $10,000 at a
compound interest of 5.5%
p.a., starting Jan. 1 1995, with a
quarterly repayment rate of $175.
Set up U1 and U2 as shown above.
You can now follow the progress of the loan,
with U1 containing time and U2 the amount
owing at the start of each time period, showing
it is repaid during the first quarter of 2023.
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