Stacy makes monthly payments of $450 to pay off her student loan. Due to unemployment, she defaulted

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Stacy makes monthly payments of $450 to pay off her student loan. Due to unemployment, she defaulted on her last two payments. If she wants to get out of arrears, what amount should she pay for her next payment? Assume the defaulted payments are compounded monthly at a rate of 4%.
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Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0134141084

11th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, Ali R. Hassanlou, K. Suzanne Coombs

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