What is monthly payment if a loan origination fee is charged

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A bank is offering aloan of $25,000 with a nominal interest rate of 18% compoundedmonthly, payable in 60 months. (Hint: The loan origination fee of2% will be taken out from the loan amount.)

a) What is the monthly payment?

b) If a loan origination fee of 2% is charged at the time of theloan, What is the monthly payment?

Reference no: EM13243717

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