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Posted on May 19, 2024

Peter and Mary take out a personal loan of $ 1 1 7 , 0 0 0 to pay for their wedding. The personal loan

Peter and Mary take out a personal loan of $

117, 000

to pay for their wedding. The personal loan charges an annual interest rate of

5 % .

The repayment will be made monthly. To repay the loan over

2

years, how much should the monthly payment be

?

(

Round your answer to the nearest dollar.

)

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