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Lyric borrows $15,000 for 6 years at a nominal annual interest rate of 3.5% com- pounded monthly. Find the level payment of the loan. (Do

Lyric borrows $15,000 for 6 years at a nominal annual interest rate of 3.5% com- pounded monthly. Find the level payment of the loan. (Do not use the Formula for Level Payment directly. Show your work, similar to the Example 1 in Slide 3 Present Value.)

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