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Problem 1: The monthly repayment on a loan is $593.89 with the first payment to be made one month from now. If the loan term is 30 years and interest is charged at a rate of 7.8% per annum compounded monthly, how much was borrowed (to the nearest dollar)?

a. $85,000

b. $75,000

c. $82,500

d. $87,500

Reference no: EM132967117

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