You need to borrow a sum of money from your cousin, who agrees to lend you the required amount under the condition that you make monthly payments of $150 for the next twelve months. Additionally, your cousin stipulates that the first payment should be made today. If the annual interest rate charged is 15% with monthly compounding, what is the principal amount you are borrowing today?

approx. $1580

approx. $1880

approx. $1780

approx. $1680

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