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Exercise 5: On May 1, 2010, the Morins borrow $4000 toBe repaid with monthly payments over 3 years At j12=9%. The 12payments made during 2011

Exercise 5: On May 1, 2010, the Morins borrow $4000 toBe repaid with monthly payments over 3 years At j12=9%. The 12payments made during 2011 will reduce the principal by howmuch? 2 answers

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