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Question 2: A $4,000 loan is to be repaid with three equal payments made three, six, and nine months, respectively from the date of the
Question 2: A $4,000 loan is to be repaid with three equal payments made three, six, and nine
months, respectively from the date of the loan. If interest on the loan is compounded monthly,
what is the amount of each payment? [2 Marks]
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