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Compute the amount of each required monthly installment using the add-on method if a bank agreed to offer you a loan of 6400 to be

Compute the amount of each required monthly installment using the add-on method if a bank agreed to offer you a loan of 6400 to be paid back in equal monthly installments with a rate of 5% over a period of 4 years.

a. 140

b. 160

C. None of the answers is correct.

d. 560

e. 133.33

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