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If the interest rate is presented as an effective annual

Problem: Mr. Rockford wants to borrow $3,450,000. The Rogers Park State Bank requires the loan to be repaid in equal installments, paid at the end of each month for 24 years. If the interest rate is presented as an effective annual rate (EAR) of 6.421594%, what is the amount of each monthly payment?

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Finance Basics: If the interest rate is presented as an effective annual

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