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Amount of the smaller final payment

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Reference no: EM133056799

Today, you have borrowed $12,000.00 at an interest rate of 8% compounded monthly. The loan is to be repaid by making monthly payments of $600, starting eight years from now.

a) How many full payments of $600 will be required?

b) What will be the amount of the smaller final payment made one month after the last $600 payment.

Reference no: EM133056799

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