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(1 point) Sam takes out a bank loan for $12750 that he will repay with 13...

(1 point) Sam takes out a bank loan for $12750 that he will repay with 13 monthly payments at j1 = 5.25%. Sam has some financial troubles come up and is unable to pay the 7th and 8th payments. The bank allows Sam to skip these payments and then immediately after the 8th payment the loan is refinanced at j1 = 6.75%. What is the new monthly payment?

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Formula sheet for you reference

If you have any doubt, you can ask me in the comment section please.

jeff jeffy answered 2 years ago
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