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(1 point) A loan of $11500 is to be repaid in 34 equal monthly installments with the first one paid seven months after the loan

image text in transcribed (1 point) A loan of $11500 is to be repaid in 34 equal monthly installments with the first one paid seven months after the loan is made. The nominal annual interest rate is 6% compounded bimonthly. Determine the amount of the monthly payment. Amount of monthly payment =$

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