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can you please include the formula used, I'm trying to put numbers to the appropriate figures. thank you! 2. Suppose a similar loan is taken

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can you please include the formula used, I'm trying to put numbers to the appropriate figures. thank you!

2. Suppose a similar loan is taken out for $3100, but the interest compounds monthly and is held for two years, but at 7% interest, with no payments made. How much is the payback amount at these terms? 9723%

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