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Posted on Sep 12, 2024

You borrow $ 5 0 , 0 0 0 from a bank to be repaid in monthly installments for 3 years at 1 2 %

You borrow $

50, 000

from a bank to be repaid in monthly installments for

3

years at

12 %

interest compounded monthly. How much would you need to pay off the loan after the

18

th payment?

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