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(1 point) A loan of $ 8500 is to be repaid in 47 equal monthly installments with the first one paid seven months after the

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(1 point) A loan of $ 8500 is to be repaid in 47 equal monthly installments with the first one paid seven months after the loan is made. The nominal annual interest rate is 5 % compounded bimonthly. Determine the amount of the monthly payment

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