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Examine the size of the monthly payments

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Reference no: EM131556725

Question: STUDENT LOANS Joe secured a loan of $12,000 3 yr ago from a bank for use toward his college expenses. The bank charged interest at the rate of 4%/year compounded monthly on his loan. Now that he has graduated from college, Joe wishes to repay the loan by amortizing it through monthly payments over 10 yr at the same interest rate. Find the size of the monthly payments he will be required to make.

Reference no: EM131556725

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