Question: Daniel borrowed $ 2 0 , 0 0 0 with a promise to repay the loan in 6 years with a uniform monthly payment and

Daniel borrowed $20,000 with a promise to repay the loan in 6 years with a uniform monthly payment and a single payment of $2,000 at the end of six years at a nominal interest rate of 12% per year. What is the amount of each payment?

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