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Jou borrow $27,000 to buy a boat. The loan is to be paid off in monthly installments over one year at 30% interest annually. The
Jou borrow $27,000 to buy a boat. The loan is to be paid off in monthly installments over one year at 30% interest annually. The first payment is due one month from today. What is the amount of each monthly payment? Note: Use tables, Excel, or a financial calculator. Round your final answer to the nearest whole dollar. (FV of $1, PV of $1, FVA of $1,PVA of $1, FVAD of $1 and PVAD of $1 ) Multiple Choice $2,250 $1,990 $2,632 None of the other answer choices are correct
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