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How much will he pay back in total

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Reference no: EM132965289

Mohammed borrows $20,730 from the bank at a nominal rate of 4.5% compounded monthly to purchase a property for his business. If he pays off the loan in 3 years and 4 months, how much will he pay back in total? Round your final answer to 2 decimal places (nearest cent) and do not enter a dollar sign or a negative value.

Reference no: EM132965289

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