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Q) You borrow $35,000 today. The loan is repaid over sixty months with monthly repayments. What is the size of each monthly repayment if the

Q) You borrow $35,000 today. The loan is repaid over sixty months with monthly repayments. What is the size of each monthly repayment if the interest rate is 8% p.a. compounded monthly?

a. $2,827.93

b. $709.67

c. $7,140.62

d. $8,765.96

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