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Problem #4: A loan of amount S30080 is to be repaid in payments that each consist of a principal repayment of $640 plus the interest

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Problem #4: A loan of amount S30080 is to be repaid in payments that each consist of a principal repayment of $640 plus the interest on the previous outstanding balance. What is the total interest paid if the interest per payment period is 2.2%? Problem #4: Answer correct to 2 decimals

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