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Smith pays back a loan of 20,000 by 60 monthly payments beginning one month after the loan is made. He makes monthly interest payments to

image text in transcribedSmith pays back a loan of 20,000 by 60 monthly payments beginning one month after the loan is made. He makes monthly interest payments to the lender at a rate of 8.4 percent convertible monthly, and monthly deposits to a sinking fund earning an annual nominal rate of 7.2 percent convertible monthly. What is the periodic outlay? Keep 4 decimal places only.

Question 5 (1 point) Smith pays back a loan of 20,000 by 60 monthly payments beginning one month after the loan is made. He makes monthly interest payments to the lender at a rate of 8.4 percent convertible monthly, and monthly deposits to a sinking fund earning an annual nominal rate of 7.2 percent convertible monthly. What is the periodic outlay? Keep 4 decimal places only. Your

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