Borrowed and repaid-what monthly payment should be made

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A total of $60,000 is borrowed and repaid with 60 monthly payments, with the first payment occurring 1 month after receipt of the $60,000. The stated interest rate is 5% compounded monthly. What monthly payment should be made? $

Reference no: EM13889406

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Borrowed and repaid-what monthly payment should be made : A total of $60,000 is borrowed and repaid with 60 monthly payments, with the first payment occurring 1 month after receipt of the $60,000. The stated interest rate is 5% compounded monthly. What monthly payment should be made? $

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