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Determine the monthly payment for the installment loan. Amount Financed (P) 16,000 Annual Percentage Rate (r) 5% Number of Payments per Year (n) 12 Time

Determine the monthly payment for the installment loan.

Amount Financed (P)

16,000

Annual Percentage Rate (r)

5%

Number of Payments per Year (n)

12

Time in Years (t)

4

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