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3 years ago today you borrowed $1200 to buy a drum set for your new band. The loan was a 5-year loan with monthly payments

3 years ago today you borrowed $1200 to buy a drum set for your new band. The loan was a 5-year loan with monthly payments and a 5.6% APR. You have decided to repay the loan today (3 years after you borrowed the money). How much do you owe the bank? Assume that you have not missed any of your regular monthly payments.

*Calculate using financial calculator*

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