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Nominal monthly rate

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A loan of $18,000 is paid off in 36 payments at the end of each month in the following way:

Payments of $450 are made at the end of the month for the first 12 months.

Payments of $450 + x are made at the end of the month for the second 12 months.

Payments of $450 + 2x are made at the end of the month for the last 12 months.

What should x be if the nominal monthly rate is 13.8%?

Reference no: EM132000478

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