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An auto repair shop borrowed $ 1 7 , 0 0 0 to be repaid by monthly payments over 7 years. Interest on the loan
An auto repair shop borrowed $ to be repaid by monthly payments over years. Interest on the loan is compounded monthly.
a What is the size of the periodic payment?
b What is the outstanding principal after payment
c What is the interest paid on payment
d How much principal is repaid in payment
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