A loan is being amortized by means of level monthly payments at an annual nominal rate of
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A loan is being amortized by means of level monthly payments at an annual nominal rate of 9% compounded monthly. The amount of principal repaid in the 12th payment is 1000 and the amount of principal repaid in the t th payment is 3700. Calculate t. (a) 176 (b) 187 (c) 195 (d) 204 (e) 212
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