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A $ 1 1 0 0 0 loan is to repaid by monthly payments of $ 3 2 0 , the first payment is due

A $

11000

loan is to repaid by monthly payments of $

320,

the first payment is due in one year's time. If j

12 = 9.6 %,

determine the number of regular monthly payments and the size of the final smaller payment.

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