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A bank offers a 24-month installment loan with an APR of 10.5%. Martha wishes to use the loan to finance a sofa for $1,000. After

A bank offers a 24-month installment loan with an APR of 10.5%. Martha wishes to use the loan to finance a sofa for $1,000. After using Table 13-1 from your text to find the finance charge, calculate the monthly payment.

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