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Question: You are requesting a loan of $35,000, and you plan to repay the loan in equal payments on a monthly basis. If the nominal interest rate is 11.2% compounded monthly, how much do you need to pay every month in order to pay off the loan in 6 years? The response must be typed, single spaced, must be in times new roman font (size 12) and must follow the APA format.

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