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What monthly payment does oakland make to repay the loan

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Reference no: EM132764153

Problem 1: In order to finance its pension plan, Oakland must borrow $500,000 at a 7% annual interest rate and repay the loan in monthly increments of principal and interest over ten years (just like a mortgage). What monthly payment does Oakland make to repay the loan if payments occur at the end of each month?

Reference no: EM132764153

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