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Determine what the amount borrowed is

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Problem 1: A loan made today is to be repaid by payments of $888.49 at the end of each month for the next 12 months (with the first payment to be made one month from now). If the interest rate is 12% per annum compounded monthly, the amount borrowed is (to the nearest dollar)

a. $11,268

b. $9,901

c. $10,000

d. $10,100

Reference no: EM132967091

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