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Sam s Auto Repairs Inc. borrowed $ 5 0 0 8 to be repaid by monthly payments over 1 2 years. Interest on the loan

Sam

s Auto Repairs Inc. borrowed $

5008

to be repaid by monthly payments over

12

years. Interest on the loan is

3.31 %

compounded semi

-

annually.

(*

Hint: General Annuity

)

Compute the equal monthly payment. EAR Formular on EXCEL?

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