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11. One year ago you borrowed $10,000 at an annual interest rate of 9 percent to be repaid in thirty-six equal monthly installment a. What

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11. One year ago you borrowed $10,000 at an annual interest rate of 9 percent to be repaid in thirty-six equal monthly installment a. What is your monthly payment? b. Without the use of a loan amortization schedule, what is the current balance on the loan? (Hint: What is the relationship between the present value of the remaining payments to be made on the loan and its current balance?)

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