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If a project obtains financing at an interest rate of 6% compounded monthly. 1) What is the Effective Annual Interest Rate? 2) What is the

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If a project obtains financing at an interest rate of 6% compounded monthly. 1) What is the Effective Annual Interest Rate? 2) What is the monthly payment for a $100,000 15-year loan? 3) What is the total of all payments? 4) If you pay $1000 (instead of the amount you calculated in #2 above), after how many months will the loan be fully paid? (Show your calculations)

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