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7 . An auto repair shop borrowed $ 1 7 , 0 0 0 to be repaid by monthly payments over 7 years. Interest on

7. An auto repair shop borrowed $17,000 to be repaid by monthly payments over 7 years. Interest on the loan is 3% compounded monthly.a) What is the size of the periodic payment?b) What is the outstanding principal after payment 35?c) What is the interest paid on payment 36?d) How much principal is repaid in payment 36?

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