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Sheryl is about to start graduate school and she intends to fund the effort by...

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Finance

Sheryl is about to start graduate school and she intends to fund the effort by borrowing $3,000 per month for two years, starting one month from today. The interest rate on the loans is 3.60% per annum. Her intention is to repay the loan by making equal monthly repayments for eight years, starting twenty-five months from today. What is the amount of each of these ninety-six monthly loan repayments?

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