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Kylie takes out a $12,500 loan on May 1, 2023, to be re-paid over 5.5 years, with the first payment at the end of that
Kylie takes out a $12,500 loan on May 1, 2023, to be re-paid over 5.5 years, with the first payment at the end of that month. For the first 2 years, interest is charged at an annual rate of 4%. After that, the annual interest rate increases to 5.4%. What monthly payment is needed to ensure the loan is paid in time
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