Time loan to cover rent expenses

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Reference no: EM131897614

You agree to an apartment lease of $300 per month that it goes up $1 per month. It also requires that you to pay two months in advance right now, which are returned to you at the end of the lease. Assume that the interest rate is 0.02% per month and that you will stay in the apartment for six years. If you wanted to take a one-time loan to cover rent expenses, how much would you have to borrow?

Reference no: EM131897614

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