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Sam borrowed $10,000 from his grandmother to finance his college education. The loan agreement calls for equal payments at the end of each month for
Sam borrowed $10,000 from his grandmother to finance his college education. The loan agreement calls for equal payments at the end of each month for 4 years. Sam will make his first payment in 5 years. Find the size of the monthly payments if the interest rate is 4.25% effective
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