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7. (10 points) Constantine borrows 100,000 at a nominal rate of interest of 7.2% convertible monthly. She repays the loan with 240 end of month
7. (10 points) Constantine borrows 100,000 at a nominal rate of interest of 7.2% convertible monthly. She repays the loan with 240 end of month pay- ments. The January payments are X, the February payments are 2x, the March payments are 3x, the November payments are 11x, and the De- cember payments are 12x. Find the total interest paid during the life of the loan. 7. (10 points) Constantine borrows 100,000 at a nominal rate of interest of 7.2% convertible monthly. She repays the loan with 240 end of month pay- ments. The January payments are X, the February payments are 2x, the March payments are 3x, the November payments are 11x, and the De- cember payments are 12x. Find the total interest paid during the life of the loan
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