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What is the value of the loan

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You just purchased a new SUV. You financed your SUV with a loan consisting of 60 monthly repayments, each occurring at the end of the month. The first repayment (after one month) equals 325, but the monthly re-payment grow at a constant rate of 0.25%. The effective monthly interest rate is 0.5%.

What is the value of the loan at the time you purchased the SUV?

Reference no: EM133111931

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