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4 . A bank loans a family P 9 0 0 0 0 at 4 . 5 % compounded monthly interest rate to purchase a

4 .

A bank loans a family P

90000

4.5 %

compounded monthly interest rate to purchase a house. The family agrees to pay the loan off by making monthly payments over a

15

year period. How much should the monthly payments be in order to pay off the debt in

15

years?

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