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Suppose I need to borrow $ 1 , 2 0 2 from my neighbor The Saver. The Saver charges 1 9 9 % simple annual

Suppose I need to borrow $

1, 202

from my neighbor The Saver. The Saver charges

199 %

simple annual interest rate and I have to pay the principal plus interest off in

19

equal monthly payments. How much will be the monthly payment amount? Round answer to two digits after the decimal point.

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