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Unformatted text preview: she hopes to pay back over the next 30 months. The first payment begins one month after she graduates. The interest rate is 12% compounded monthly. Each monthly payment will be equal in amount. QUESTION: What will be the amount of each of Michelle’s monthly payments? (Use the more extensive factor table at the back of your ACCT book) If necessary, round your answer to the nearest whole dollar. Do not include decimals or cents in your final answer. SEE BELOW...
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 Spring '08
 Buckless
 Net Present Value, $12,000, 12%, 30 months

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