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A $10,000 loan at 9% compounded monthly is to be repaid by three equal payments...

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Accounting

  1. A $10,000 loan at 9% compounded monthly is to be repaid by three equal payments due 6, 9 and 12 months from the date of the loan. What is the size of the payments? Include a well-labelled time diagram as part of your solution.

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