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April 16, 2014

Homework Help: economics

Posted by Roo Kun on Sunday, January 30, 2011 at 10:16pm.

Suppose you wish to borrow 635.08 dollars today from a bank which charges interest at a rate of 4.14% per month. You promise to pay the loan back over 14 years by making the same payment each month (starting with month 1). What will be your montly payment?

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