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Repay debt in 6 monthly installments

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Your friend wants to borrow money from you. He proposes to repay his debt in 6 monthly installments of $200, starting this month (i.e., the first payment will occur at the end of month 1). If the monthly interest rate on your savings account is 1%, how much would you lend your friend at most? Round your result to the nearest cent, and do not use a $ sign (i.e., if the result is $1012.4671, enter it as 1012.47).

Reference no: EM132523577

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