A person borrows $3,600 and agrees to repay the loan in monthly installments over 3 years. The
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A person borrows $3,600 and agrees to repay the loan in monthly installments over 3 years. The agreement is to pay 1% of the unpaid balance each month for using the money and $100 each month to reduce the loan. What is the total cost of the loan over the 3 years?
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Related Book For 
Finite Mathematics For Business Economics Life Sciences And Social Sciences
ISBN: 9780134862620
14th Edition
Authors: Raymond Barnett, Michael Ziegler, Karl Byleen, Christopher Stocker
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