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1. A loan of 100,000 will be repaid by payments at the end of each month over 30 years. Payments for a given year are

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1. A loan of 100,000 will be repaid by payments at the end of each month over 30 years. Payments for a given year are level and are 3% greater than those for the previous year. The monthly payment for the first year is P. The effective annual interest rate is 7%. Calculate P

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