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Emily borrows a sum of $ 5 , 0 0 0 . If the effective monthly rate for the loan is 2 % and the

Emily borrows a sum of $

5, 000 .

If the effective monthly rate for the loan is

2 %

and the repayment period is

3

years, then what is the required monthly payment to be made by Emily? Use an Excel spreadsheet to determine the answer.

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