ordan received a loan of $1,300 at 4.50% compounded quarterly. She had to make payments at the end of every quarter for 1 year to settle the loan. a. Calculate the size of the quarterly payments. Round to the nearest cent

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Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.