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After graduation, Nicholas had a study loan which required payments of $200 per month for the first year, and payments of $400 per month during

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After graduation, Nicholas had a study loan which required payments of $200 per month for the first year, and payments of $400 per month during the second year. The annual interest rate is 12 percent, and the payments will begin in one month. Calculate the present value of the 2-year study loan

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