Question: You borrow $ 5 0 , 0 0 0 for 5 years. This is an amortized load, meaning that payments are the same each month,

You borrow $

50, 000

for

5

years. This is an amortized load, meaning that payments are the same each month, and the loan is fully paid off with final payment. The quoted interest rate

(

or APR

)

12 %

per year.

What is the monthly payment?

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