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1 9 . Your company takes out a 8 - year term loan to borrow $ 3 , 6 0 0 , 0 0 0

19. Your company takes out a 8-year term loan to borrow $3,600,000 to finance a building expansion. The annual interest rateon the loan is 6.7% and equal payments are made monthly. How much will the monthly payment be?20. Referring back to question #19, how much total interest will the company be paying over the life of the term loan?

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