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View Policies Current Attempt in Progress An investor takes a loan for $ 3 5 , 0 0 0 to purchase inventory to start a

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Current Attempt in Progress
An investor takes a loan for $35,000 to purchase inventory to start a business. The terms of the investor's loan state that the interest rate is 12%, interest is compounded monthly, and payments will be made in 12 equal end of month payments. How much would each payment be, and how much would the investor need to pay in month 9 to pay off the loan?
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Monthly payment =$
Payoff amount in month 9=$
Carry all interim calculations to 5 decimal places and then round your final answers to a whole number. The tolerance is +-5 for payment and +-10 for payoff amount.
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