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7. [-/1 Points] DETAILS BRECMBC9 12.111.008. MY NOTES ASK YOUR TEACHER You have just been hired as a loan officer at a national bank.

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7. [-/1 Points] DETAILS BRECMBC9 12.111.008. MY NOTES ASK YOUR TEACHER You have just been hired as a loan officer at a national bank. Your first assignment is to calculate the amount of the periodic payment (in $) required to amortize (pay off) the following loan being considered by the bank (use Table 12-2). (Round your answer to the nearest cent.) Loan Payment Payment Period every month Term of Nominal Present Value Loan (years) Rate (%) (Amount of Loan) 6 $40,000

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