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Question 6. You borrow 2,000 at an annual rate of 12%. The loan will be paid back at 24 equal monthly instalments. What is

Question 6. You borrow 2,000 at an annual rate of 12%. The loan will be paid back at 24 equal monthly instalments. What is your monthly payment? How much of your first payment is interest? a) Monthly payment: 83.33 b) Monthly payment: 256.93 c) Monthly payment: 94.15 d) Monthly payment: 94.15 e) None of the answers provided is correct Interest: 9.99 Interest: 30.83 Interest: 20 Interest: 11.30

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