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A loan of 85,000 will be repaid by payments at the end of each month over 38 years. Payments for a given year are level

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A loan of 85,000 will be repaid by payments at the end of each month over 38 years. Payments for a given year are level and are 3% greater than those for the previous year. The monthly payment for the first year is P. The effective annual interest rate is 8%. Calculate P. [4.j #18] O 409 0426 393 0418 401

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