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Posted on Jul 30, 2024

A bank is willing to lend $ 2 0 , 0 0 0 for a home improvement loan to be repaid monthly over 5 years

A bank is willing to lend $

20, 000

for a home improvement loan to be repaid monthly over

5

years based on

10 %

interest. What is the amount of each monthly payment required to repay the loan?

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