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Determine how much sharon borrowed

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Sharon buys a house. She has limited initial funds, so she agrees to make 360 monthly payments as follows:

  1. The first payment is to be $ 700, with each subsequent payment increasing by $ 15.
  2. The first payment is due one month after the date of the loan.
  3. The nominal annual interest rate is 8 % compounded monthly.

Problem 1 : Determine how much Sharon borrowed.

Reference no: EM132659570

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