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A loan of $17,000 is to be financed over a period of 24 months. The agency quotes a nominal rate of 10% for the first

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A loan of $17,000 is to be financed over a period of 24 months. The agency quotes a nominal rate of 10% for the first 12 months and a nominal rate of 11% for any remaining unpaid balance after 12 months, which is compounded monthly. Based on these rates, what equal end-of-the-month payment for 24 months would be required to repay the loan with interest? The end-of-the-month payment should be $1 . (Round to the nearest dollar.)

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