Bianca took out a loan from the bank today for X. She plans to repay this loan by making payments of 4,820 dollars per month for a certain amount of time. If the interest rate on the loan is 0.91 percent per month, she makes her first payment of 4,820 dollars later today, and she makes her final monthly payment of 4,820 dollars in 9 months, then what is X, the amount of the loan?

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This is a case of annuity due where annuities or fix... View the full answer