119. A student takes out a loan to pay for her 4- year degree. She borrows $20,000...

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119. A student takes out a loan to pay for her 4- year degree. She borrows $20,000 from her bank and is to repay the loan in equal monthly installments over 10 years, beginning with the first month after the 4- year degree is completed. The bank charges her an interest rate of 9% per annum compounded continuously. What is the monthly payment due? (4.16)

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Engineering Economy

ISBN: 9781292265001

17th Global Edition

Authors: William G. Sullivan ,Elin M. Wicks ,C. Patrick Koelling

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