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Q4. You take a one-year installment loan of $2,000 at an interest rate of 12% per year (1% per month) to be repaid in 12

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Q4. You take a one-year installment loan of $2,000 at an interest rate of 12% per year (1% per month) to be repaid in 12 equal monthly payments. Total Payment Interest Paid Principal paid Beginning balance 1000 Remaining Balance a) What is the monthly payment? b) What is the total amount of interest paid over the 12-month term of the loan

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