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Ayushi wants to buy a vehicle for her mothers 50th birthday. She borrowed $160,000 and it is to be paid off in installments (monthly) over

  • Ayushi wants to buy a vehicle for her mother’s 50th birthday. She borrowed $160,000 and it is to be paid off in installments (monthly) over 12 years at 6 percent annual interest compounded monthly. Calculate the amount of each installment.

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