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You borrow $12,000 for nine months at 15.4% per year. To discharge the debt, you make equal payments of 3 months, 6 months, and 9
You borrow $12,000 for nine months at 15.4% per year. To discharge the debt, you make equal payments of 3 months, 6 months, and 9 months. What is the amount of each payment? Use a focal date of nine months from now. Draw an appropriate time diagram.
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