RM250 is deposited every 2 months into an account for 10 years. Calculate the accumulated amount if the interest rate is 5.2% compounded quarterly. No use excel. Hence, find the interest obtained.

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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.