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Question 4.P.2: An engineer has just borrowed $8000 from a local bank, at th......

An engineer has just borrowed $8000 from a local bank, at the rate of 1% per month on the unpaid balance. His contract states that he must repay the loan in 35 equal monthly installments. How much money must he repay each month?

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A = $8000(A/P, 1%, 35) = $8000(0.03400) = $272.00

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