Question: A man borrowed $500 from a bank on October 15th. He must repay the loan in 16 equal monthly payments, due on the 15th of

A man borrowed $500 from a bank on October 15th. He must repay the loan in 16 equal monthly payments, due on the 15th of each month, beginning November 15th. If interest is computed at 1% per month, how much must he pay each month?

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