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Teal and Associates needs to borrow $55,000. The best loan they can find is one at 13% that must be repaid in monthly installments over

Teal and Associates needs to borrow $55,000. The best loan they can find is one at 13% that must be repaid in monthly installments over the next 5 1/2 years.

How much are the monthly payments? (a) State the type. ordinary annuity amortization present value sinking fund future value (b) Answer the question. (Round your answer to the nearest cent.)

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