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Edwina Incze borrowed $5,000 to pay the tuition fees that keep Professor Robinson living in luxury. The interest rate is 3% p.a., compounded monthly and

Edwina Incze borrowed $5,000 to pay the tuition fees that keep Professor Robinson living in luxury. The interest rate is 3% p.a., compounded monthly and the term of the loan is three years. How much does she still owe after the first year of payments?

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