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The monthly payment for the first year is p the annual

A loan of 125,000 will be repaid by payments at the end of each month over 30 years. Payments for a given year are level and are 2% greater than those for the previous year. The monthly payment for the first year is P. The annual effective interest rate is 5%. Calculate P

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Business Economics: The monthly payment for the first year is p the annual

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