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4. Jack has borrowed money from his financial institution, and has agreed to pay $200 at the end of each month for six years. The

4. Jack has borrowed money from his financial institution, and has agreed to pay $200 at the end of each month for six years. The bank charges interest on the loan at 6.6% compounded monthly. (8 marks) a. How much did Jack borrow? b. How much is the cost of financing (The amount of interest to be paid)

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