Question: You have borrowed $50,000 to be repaid in 24 end-of-month payments. The annual rate of interest is 10 percent. In months 7, 13, and 19,

You have borrowed $50,000 to be repaid in 24 end-of-month payments. The annual rate of interest is 10 percent. In months 7, 13, and 19, the monthly payment increases by $500. How much should you pay each month?

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