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Today, you borrowed $25,000 and have agreed to pay off the loan by making equal monthly payments. Assume the effective monthly interest rate is 0.4%.
Today, you borrowed $25,000 and have agreed to pay off the loan by making equal monthly payments. Assume the effective monthly interest rate is 0.4%. If you were preparing an amortization schedule and the ending balance after your first payment (i.e. at the end of the first month) was $24,700, what must be your monthly payment amount?
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