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Posted on Jul 01, 2024

The purchase of a car requires a $ 22,430 loan to be repaid in monthly installments for four years at 12% annual real interest rate.

The purchase of a car requires a $ 22,430 loan to be repaid in monthly installments for four years at 12% annual real interest rate. If annual inflation rate is 4 %, find the exra amount to be paid in 20th month due to inflation.

(Note: Don't use the $ sign in your answer and round it to 2 decimal places)

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