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18 January, 18:38

Suppose you borrow $1,200 at an add-on interest rate of 5% for 4 years. What will be the amount of your monthly payment?

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  1. 18 January, 21:22
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    1200 * (5% * 4) = 240

    240 + 1200 = 1440

    1440/12 = $120

    The answer is $120 per month.
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