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A loan taken out at an interest rate of 21%, monthly capitalization, must be repaid using 120 constant monthly end-of-period payments. When he makes his
A loan taken out at an interest rate of 21%, monthly capitalization, must be repaid using 120 constant monthly end-of-period payments. When he makes his 40th payment, the borrower pays an additional sum of $ 6,000. The remaining monthly payments are then reduced to $ 759.77. What was the value of the initial monthly payment?
A. $ 834.77
B. $ 897.30
C. $ 899.70
D. $ 864.60
E. $ 794.70
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