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A loan of$8,000 is to be repaid in 36 equal monthly installments with the first one paid six months after the loan is made. The

A loan of$8,000 is to be repaid in 36 equal monthly installments with the first one paid six months after the loan is made. The nominal annual interest rate is 10% compounded quarterly.

Determine the amount of the monthly payment.

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A loan of $8,000 is to be repaid in 36 equal monthly installments with the rst one paid six months after the loan is made. The nominz annual interest rate is 10% compounded quarterly. Determine the amount of the monthly payment. Possible Answers

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