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On January 1st 2015, XYZ Company borrowed $5,000 from a local bank ABC Bank by signing a promissory note. The terms were the following. There

On January 1st 2015, XYZ Company borrowed $5,000 from a local bank ABC Bank by signing a promissory note. The terms were the following. There will be 12% interest per year and will be paid monthly. The full $5,000 to be paid at once on January 1st 2016. What is going to be monthly interest payment amount?

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