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You are going to the bank to ask for a Loan of USD 50000. You are planning to repay it within 3 years. The bank

You are going to the bank to ask for a Loan of USD 50000. You are planning to repay it within 3 years. The bank is asking for a 9% annual interest rate compounded monthly. How much should you pay each month to make sure that the loan is completely paid by the end of this time? Also what it the total amount you will pay at the end of this period considering all the interests?

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