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A loan of $60,000 is due 10 years from today. The borrower wants to make monthly payments at the end of each month into a
A loan of $60,000 is due 10 years from today. The borrower wants to make monthly payments at the end of each month into a sinking fund so that the fund accumulates $60,000 by the end of 10 years. The fund will earn compound interest at an annual rate of 10 percent compounded monthly. What will the monthly payments have to be?
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