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Penelope borrows 10,000 to buy a car. The loan will be repaid with 48 monthly payments. However, the first payment will be deferred and is
Penelope borrows 10,000 to buy a car. The loan will be repaid with 48 monthly payments.
However, the first payment will be deferred and is payable at the end of 6 months. The loan has
an interest rate of 12% compounded monthly.
Determine Penelopes monthly payment
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