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A loan of 3 0 , 0 0 0 is to be repaid during 4 years with equal monthly payments of p . The interest

A loan of

30, 000

is to be repaid during

4

years with equal monthly payments of p

.

The interest rate for the first year is

3 %,

while the interest rate for the remaining

3

years is

11 % .

What is p

?

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