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What amount will roberto have to pay

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Problem 1: Roberto requests a loan of $25,000 for a 3-month term, with an interest rate of 6.5% quarterly, capitalizable each month. The contract stipulates that, in case of default, the debtor must pay 4% simple monthly on the overdue balance. What amount will Roberto have to pay if he pays off his debt 15 days after the due date?

Reference no: EM132933250

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