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Monica borrowed $5,000 and agreed to pay back the loan with monthly payments over 2 years at 3% compounded monthly 1. Calculate her monthly payment

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Monica borrowed $5,000 and agreed to pay back the loan with monthly payments over 2 years at 3% compounded monthly 1. Calculate her monthly payment (rounded up to the next cent) 2. How much principal did she repay during the first year of the loan? 3. How much interest did she repay during the first year of the loan? N

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