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You borrow $20,000 to buy a Boat. The bank charges you 3% per year on a 5-year loan payable in equal monthly installments. What is

You borrow $20,000 to buy a Boat. The bank charges you 3% per year on a 5-year loan payable in equal monthly installments. What is your monthly payment? Suppose you choose to pay an additional $100 every month, how quickly will you be able to pay off the loan in full?

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