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You borrow $22,500 from your bank, to be repaid in monthly payments over 4 years ( 48 payments), starting at the end of the month.
You borrow
$22,500
from your bank, to be repaid in monthly payments over 4 years ( 48 payments), starting at the end of the month. If the bank charges you
6.5%
interest APR, compounded monthly, what will your monthly payment be? Enter your answer to the nearest penny.
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