Question: (6) New Software is buying a new computer and getting a loan to help pay for it. The loan has an APR of 7.8% with

(6) New Software is buying a new computer and getting a loan to help pay for it. The loan has an APR of 7.8% with monthly payments (i.e., compounded monthly). What is the effective monthly interest rate? If the amount borrowed is $25,000 and the term is 5 years, what is New Softwares monthly payment?

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