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Show your work. Suppose that John takes a loan of 7000 today and pay 1000 in 3 years and he makes another payment of 2000
Show your work. Suppose that John takes a loan of 7000 today and pay 1000 in 3 years and he makes another payment of 2000 in 4 years. He plans to pay the balance in 5 years. If the interest rate is 12% compounded monthly, what is his payment in 5 years?
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