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Your friend needs to borrow $9,475 from a credit union to pay tuition at a local college. The credit union charges a 2.5% nominal annual
Your friend needs to borrow $9,475 from a credit union to pay tuition at a local college. The credit union charges a 2.5% nominal annual rate. The terms of the loan require that your friend make 12 equal end-of-month payments each year for 6 years, and then an additional final (balloon) payment of $5,500 at the end of the last month. What would the equal monthly payments be?
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