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Determine how much sally borrowed

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Sally buys a house. She has limited initial funds, so she agrees to make 360 monthly payments as follows: The first payment is to be $500, with each subsequent payment increasing by $10. The first payment is due one month after the date of the loan. The nominal annual interest rate is 6% compounded monthly.

Problem 1: Determine how much Sally borrowed.

Reference no: EM132705103

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