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A woman want to borrow $ 1 1 0 0 0 in order to but a car. She want to repay the loan by monthly

A woman want to borrow $

11000

in order to but a car. She want to repay the loan by monthly installments for

10

years. If the interest rat on this loan is

5 \frac{1}{2} %

per year, compounded monthly, what is the amount of each payment?

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