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A loan of $6,000 is repaid by payments of $476 at the end of every month. Interest is 6% compounded monthly. (a) How many payments

A loan of

$6,000

is repaid by payments of

$476

at the end of every

month.

Interest is

6%

compounded monthly.

(a) How many payments are required to repay the debt?

(b) What is the size of the final payment?

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