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Amelia Bank agrees to lend you $3,000,000 for 10 years at 9% compounded monthly. Furthermore, to support your business Amelia Bank agrees that you will
Amelia Bank agrees to lend you $3,000,000 for 10 years at 9% compounded monthly. Furthermore, to support your business Amelia Bank agrees that you will make no loan payments for the first two years, then make monthly payments for the last 8 years of the loan. How much will the monthly payment be?
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