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Panco Holdings has purchased a piece of property for $109,000 and agreed to make monthly payments at the beginning of each month. If the interest

Panco Holdings has purchased a piece of property for $109,000 and agreed to make monthly payments at the beginning of each month. If the interest rate is 12.6825%, compounded annually, what will be the size of each monthly payment to repay the debt in 10 years?

. If Panco Holdings makes payments of $1,200 at the beginning of each month, how long will it take to repay the loan?

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