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Your loan requires payments of $300 per month for the first year and payments of $500 per month during the second year. The APR is

Your loan requires payments of $300 per month for the first year and payments of $500 per month during the second year. The APR is 12% and payments begin at the end of the first month (i.e., in month 1). What is the present value of this two-year loan? (round to the nearest dollar)

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