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James borrows 60000 dollars from a bank that charges interest at an annual rate of 5 percent, compounded monthly. Calculate the monthly payment that James would have to make in order for the loan to be
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James borrows 60000 dollars from a bank that charges interest at an annual rate of 5 percent, compounded monthly.

Calculate the monthly payment that James would have to make in order for the loan to be paid off after exactly 20 years.

User Ward Segers
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1 Answer

11 votes

Answer:

$395.97

Explanation:

User Vincent Cohen
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