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Word Problem 1 0 : Loan Repayment The company takes out a loan of $ 1 0 0 , 0 0 0 with an annual

Word Problem

10

: Loan Repayment The company takes out a loan of $

100, 000

with an annual interest rate of

5 % .

If the loan is to be repaid in equal monthly installments over

5

years, what is the monthly payment amount?

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