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Suppose Alice has obtained a loan of $16,912 today from the bank and that the loan quotes a nominal annual interest rate of 5% compounded
Suppose Alice has obtained a loan of $16,912 today from the bank and that the loan quotes a nominal annual interest rate of 5% compounded monthly. Alice plans to repay the loan by making equal monthly payments of X, starting at the end of the current month, for 10 years. Determine the value of x. answer correct to 2 decimals
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