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April 17, 2014

Homework Help: math

Posted by Clara on Monday, November 14, 2011 at 6:45pm.

Suppose you borrow $12,000, which you must pay back in 30 equal monthly payments, each of which includes a .8% interest charge on the unpaid balance.

a) How much will you need to pay each month?
b) How much money did the bank make on this deal?

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