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You borrow $28,500 from a local bank and agree to pay it back in 48 months. The interest is 21% compounded monthly: (a) Based the

You borrow $28,500 from a local bank and agree to pay it back in 48 months. The interest is 21% compounded monthly: (a) Based the original loan amount of $28,500, how much are the monthly payments are going to be? (b) How much would the effective interest rate be if 3% admin fee is deducted from the original loan amount at the time you receive it

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