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you can take a one year installment loans of $1000 at an interest rate of 12% per year (1%per month) to be repay in 12

you can take a one year installment loans of $1000 at an interest rate of 12% per year (1%per month) to be repay in 12 equal monthly payments. a. what is the monthly payment? b. what is total a mount of interest paid over the 12 months term of the loan?

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