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You have borrowed $30,000 for 3 years at interest rate of 6% compounded monthly. You...

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Finance

You have borrowed $30,000 for 3 years at interest rate of 6% compounded monthly. You will repay this loan in equal installments made on monthly bases.

Calculate installment that will be paid each month.

Also, make amortization schedule to show repayment of loan over 3 years.

Explain the solution in detail.

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