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4-103. You repay a student loan of $20,000 in equal monthly installments over 5 years at a nominal interest rate of 24%, comp
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The answer iPresat valae (PV) Nowinal rate el nteestp)24 Number of ea 5 t20,000 flecekive intesest vade lr) 1+ 1 12 0.2 i . - 12 2 1.268-s $576.70 monthly.

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