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Suppose that you just borrowed a 5-year loan from Bank. The bank charges an interest rate (annual percentage rate) of 7.8%, with monthly compounding. You're

Suppose that you just borrowed a 5-year loan from Bank. The bank charges an interest rate (annual percentage rate) of 7.8%, with monthly compounding.

You're required to pay back $440 every month during the following 5 years.

Please calculate the value of the loan that you just borrowed from the bank.

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