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Nadia needs to borrow $60000 to pay for ocean cruise tickets for her family. She borrows from the credit union with 36 monthly payments of
Nadia needs to borrow $60000 to pay for ocean cruise tickets for her family. She borrows from the credit union with 36 monthly payments of $184.15 each with an APR of 8%. What amount must she come up with to pay off her loan if she paid in full at the time the eighteenth payment and the credit union used the actuarial method for computing unearned interest?
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