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The Ascott Towers hotel chain takes out a $9.2 million short-term amortizing loan for 8 months at 5.5% per annum. It makes monthly payments
The Ascott Towers hotel chain takes out a $9.2 million short-term amortizing loan for 8 months at 5.5% per annum. It makes monthly payments to pay off the loan. However, after 5 months, it decides to payoff the entire loan amount. How much does it pay (in millions of dollars)? $ Million (give answer to 2 decimal places)
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