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Find what would harsh monthly loan payments have to be

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Reference no: EM132998060

By the time Harsh graduated school he had an OSAP loan of $22,000. The interest charged on the loan is about 4.5% which is compounded monthly. Harsh has decided he had better focus on getting the loan paid off as quickly as possible to save paying a lot of extra money in interest. He set for himself the goal of paying off the loan in three years.

Problem 1: What would Harsh's monthly loan payments have to be in order to achieve his goal?

Problem 2: What will be the total interest paid?

Reference no: EM132998060

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