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5 ) A loan, amortized over 5 years, is repaid by making payments of $ 2 , 4 0 0 at the end of every

5)

A loan, amortized over

5

years, is repaid by making payments of $

2, 400

at the end of every month. If the interest rate is

7 %

compounded monthly, what was the loan principal?

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